President Biden’s Nuclear Option Against OPEC+

It began amicably, with a request from President Biden to OPEC countries to consider boosting their crude oil production because U.S. retail fuel prices were rising fast. Things escalated quickly, with the request becoming a demand and later a veiled threat that unless OPEC did what the White House wanted it to do, there would be consequences.  Enter NOPEC. The so-called No Oil Producing and Exporting Cartels Act, if it ever becomes a law, would give the U.S. Department of Justice the powers to sue OPEC members for manipulating oil prices…