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A young woman's death in Iran has sparked an uprising. News organizations are
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GOP Sen. Chuck Grassley calls for OPEC collusion crackdown after production cut
GOP Sen. Chuck Grassley calls for OPEC collusion crackdown after production cut
by Matt Egan, CNN
Updated 8:16 PM EDT, Thu October 6, 2022

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Picture taken on May 9,2022 shows equipment operated by GCA (Gas Connect Austria)
and TAG (Trans Austria Gas pipelines) at one of the largest interconnection gas
hubs in Europe at Baumgarten an der March, Lower Austria. - The facility mainly
receives Russian imports, but takes also shipments of gas from Norway and some
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CNN Business
—
Republican Sen. Chuck Grassley on Thursday called for punishing OPEC for its
production cut by passing legislation that would hold foreign oil producers
accountable for colluding to fix prices.

Grassley, a longtime backer of so-called NOPEC legislation, announced in a

statement obtained first by CNN that he plans to file his bill as an amendment to
an upcoming defense spending bill.

On Thursday, Senate Majority Leader Chuck Schumer -— a Democrat — indicated he was

open minded about NOPEC.

“What Saudi Arabia did to help Putin continue to wage his despicable, vicious war
against Ukraine will long be remembered by Americans,” Schumer said. “We are
looking at all the legislative tools to best deal with this appalling and deeply
cynical action, including the NOPEC bill.”

The legislation, which easily passed out of committee in May, would clear the way
for the Justice Department to sue Saudi Arabia and other OPEC nations for antitrust
violations.

“My bipartisan NOPEC Act would crack down on these tactics by the foreign oil
cartel,” Grassley said in a statement. “It’s already cleared the Judiciary
Committee on a bipartisan basis, and there’s no reason why it shouldn’t pass as a
part of our upcoming defense authorization effort. Our energy supply is a matter of
national security.”

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The White House issued a statement on Wednesday that hinted at potential support
for NOPEC.

FILE PHOTO: General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal
in Saudi Arabia May 21, 2018. Picture taken May 21, 2018. To match Special Report
CLIMATE-CHANGE/SCIENTISTS-DUARTE REUTERS/Ahmed Jadallah/File Photo
Inside the White House's failed effort to dissuade OPEC from cutting oil production
to avoid a 'total disaster'
The renewed campaign by Grassley comes after OPEC+ announced plans on Wednesday to
slash oil production by 2 million barrels per day. The supply cut is already
lifting oil and gasoline prices at a time when inflation remains very high and
voters are upset with the state of the economy.

The White House swiftly expressed disappointment and warned it will “consult with
Congress on additional tools and authorities” to curb OPEC’s “control” over energy
prices.

That was viewed by some as a signal the Biden administration could drop its
opposition to NOPEC, a bill that has been floated for many years.

However, some analysts have warned it could backfire, setting the stage for a tit-
for-tat battle between the United States and OPEC that ends up driving gasoline
prices even higher.

Amos Hochsten, Biden’s top energy envoy, told CNN’s Bianna Golodryga on CNN’s New
Day on Thursday the administration will “identify tools that we have to ensure that
organizations like OPEC that assign quotas to their members of how much to produce
are not – have a muted and less of an impact on American consumers.”

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