They can do this with impunity because they feel sure there will be no official reaction from Washington except hot air. This will, of course, give a boost to Gore, who will be in a very close race. To keep a soft touch in the White House. Then they can go on to decrease production, thereby raising prices to suit their needs. If the United States won't do anything to separate itself from too much reliance on foreign oil, no one else can or will.
Leadership is important here.
Leadership in promoting a market solution to this problem. It will be ironic that big oil will probably save Gore's candidacy. I graduated from high school in June 1973. My graduation present was my dad's old 1965 GTO, into which a Chevy 457 had been dropped. When the gas crunch hit later that year and into '74, the jump in the cost of gasoline hurt.