Why US politicians are attempting to interrupt the world’s oil cartel now

Crude oil storage tanks stand at the oil refinery operated by Saudi Aramco in Ras Tanura, Saudi Arabia.

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To become law, the bill has to go through the full Senate and House, then be signed by the President. White House spokeswoman Jen Psaki said the administration has concerns about the “potential implications and unintended consequences” of the legislation. She said the White House is still studying the bill.

A CNN poll released Wednesday showed that a majority of Americans think Biden’s policies have hurt the economy, while 8 in 10 say the government is not doing enough to combat inflation.
Only Saudi Arabia and the UAE have the necessary spare capacity to immediately ward off any shocks caused by a Russian shortfall. The OPEC members have refused to raise output substantially, opting instead to stick to a series of gradual production increases agreed with Russia.
Frustrated at Riyadh’s refusal to heed US calls for more oil, politicians from the President’s own party have been pushing him to get tougher on Riyadh. Last month, nearly three dozen House Democrats called on Biden to…

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