American politicians are at it again: punching OPEC.
The cartel has often been a bogeyman for U.S. politicians since the first oil crisis in 1973. Now OPEC is facing a renewed political assault in Washington, directly from President Trump’s Twitter account, and quietly, but potentially more dangerously, from Congress.
In books and social media postings going back 30 years, Trump has repeatedly attacked the Organization of Petroleum Exporting Countries, saying oil prices should be around $30 a barrel and arguing OPEC was stealing money from American citizens.
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The president’s track record is important now because U.S. lawmakers have resurrected the so-called “No Oil Producing and Exporting Cartels Act,” or NOPEC, which proposes making the cartel subject to the Sherman antitrust law, used more than a century ago to break up the oil empire of John Rockefeller. [read more]