Washington, OPEC, and Hubris
Despite a full-press pressure campaign by the West, OPEC cut their production by twice as much as expected. What I find interesting is the reaction in Washington.
They started with tapping the strategic reserves. It's a logical reaction, except for the fact that the reserves are already at its lowest levels since 1984. Then things went off the rails.
For now, the White House is pledging to work with Congress on a bill to allow the U.S. to sue oil cartels for antitrust violations, a step that lawmakers from both sides of the aisle have threatened before but which the Biden administration has been wary of taking.
...The so-called NOPEC bill — No Oil Producing and Exporting Cartels — would change antitrust laws to allow the Justice Department to sue nations that restrain trade in oil, natural gas or any petroleum product.
This is absolutely laughable. A nation that won't enforce it's own anti-trust laws, especially when it comes to the energy sector, is going to apply those anti-trust laws overseas??
Of course Washington does still have options. For starters, they could relax sanctions on Venezuela.
The White House is looking at relaxing some sanctions on Venezuela so that Chevron can pump more oil there, The Wall Street Journal reported Wednesday, citing people familiar with the proposal.
There you go. A logical step.
Except for just four days later this came out.
(Reuters) - The United States has no plans to change its Venezuela sanctions policy "without constructive steps" from Venezuelan President Nicolás Maduro to restore democracy, White House National Security Council Spokesperson Adrienne Watson said on Wednesday.
Venezuela is a no go. In fact, just the act of reopening the border with Venezuela, got the government of Colombia in hot water.
The US is already trying to destabilize Colombia's new, first ever left-wing government
Colombia reopened its border with Venezuela and was preparing Caracas-Bogotá flights. So the US threatened Colombia with sanctions, forcing the flights to be cancelledhttps://t.co/7Fcc73KllD
— Ben Norton (@BenjaminNorton) September 28, 2022
There is another option. They could relax sanctions on Iran.
Except that just last week this happened.
The Biden administration has announced a new round of sanctions against Iran, vowing to impose financial penalties on a “regular basis” in an effort to “severely restrict” Iranian oil and petrochemical exports.The measures announced on Thursday target several firms and “front companies” based in China, the United Arab Emirates, Hong Kong and India that the United States accuses of involvement in the sale of Iranian petroleum and petrochemical products.
Then, just to prove how serious the Biden Administration was toward keeping Iranian oil off the market, they imposed sanctions on Chinese companies and Indian companies which have been importing that oil.
Don't feel sorry for the Biden Administration for their inability to bring down the price of energy, when they are actively trying to keep that energy from reaching the market.
Speaking of keeping energy off the markets, let's talk about the Nord Stream gas pipelines, which were blown up last week. Do you know who hasn't been allowed to inspect the pipelines? The people that actually own the pipelines.

Comments
If the US has any remaining influence over Saudi Arabia they
should take heed to this with regards to future oil prices!
Troops from various units of the Yemeni armed forces participate in a massive military parade in the capital Sana’a, on September 21, 2022, to commemorate the eighth anniversary of the September 21 Revolution.
Heard the US govt. hissey fit at not having their way
with oil output from OPEC is to withhold arms shipments to Saudi Arabia.
Wow! That's mean! Not sure the weapons contractors are going to like that tho.
Bunch of murderous morons anyway.
question everything
Wouldn't that be a shame
The Saudis might have to stop committing genocide in Yemen.