U.S. Accelerates Three-Tier Plan To Reduce Oil Prices
The opportunity to do so came with the rise of the U.S.’s shale oil industry, which – recognising the danger to its power that is solely centred on oil – Saudi Arabia has sought to stymie through two further oil price wars, one that ran from 2014 to 2016, and the next that occurred in the first half of 2020. In addition to all of this, the NOPEC Bill immediately removes all sovereign immunity that presently exists in U.S. courts for OPEC as a group and for its individual member states – including, Saudi Arabia. In line with the previous regular SPR releases instigated to bring oil prices down, there will be the last in this series of releases for delivery in December, with up to 15 million barrels of crude being sold from the SPR. Related: Macron Lashes Out At United States Over Double Standard Energy PoliciesThe third element of the plan to bring oil prices down is to be a concerted effort to encourage U.S. oil firms, shale or otherwise, to increase their production. A fourth element of the plan as announced last week, although the least likely to succeed in any meaningful way given the resistance of Western oil companies to the notion of ‘windfall taxes’ in any guise, is to pressure oil companies to pass savings on to consumers.
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