While I think you could say no to it, that you aren’t comfortable with it, since he is obviously still living at home, dependent on you, etc, I personally would lean away from using that right unless you absolutely feel like he is in danger by going.
So what would I recommend? What others have mentioned
1)I would point out that since there is an older person at the party, there likely will be alcohol and or drugs (to be honest, these days that is true at a lot of parties with teenagers, as it was in my day), and talk about the consequences if the party does get busted up by cops, that there could be consequences to him (depending on the laws in the area) if he gets caught underage drinking or using drugs. That would be treating him like an adult, giving him the consequences in a rational way, how it can affect him (please don’t do what one parent who asked me for advice and did the opposite did, they gave the kid the whole thing about drinking leading to alcoholism, if he tries drugs he will slide down the slippery slope, they whole morality thing, the kid of course ignored it, and ended up doing something stupid). Lot more effective to say getting busted for underage drinking would lead to loss of driving privileges, possible loss of college admission, possibly consequences with car insurance when he is able to drive again. Don’t be afraid to use personal examples if you want from when you grew up, I never gave my son the idea that we grew up in a perfect world or were perfect ourselves and I told him the consequences I saw.
2)I second 1000% that if he drinks or does drugs, or simply feels too tired at the end of the party to drive, to either call a cab or call you or another family member for a ride home, no questions asked. A lot of parents say that, but then when they get called at 2am to pick the kid up, immediately read them the riot act. Among other things, if this is a typical party the kid is gonna be exhausted by the end of it, and I can’t emphasize how many accidents I saw caused by fatigued drivers, and if there is drinking involved, the combination of fatigue and even a low BAC can be deadly (I was on a rescue squad at one point, saw more than a few of these), so tell him if he is tired, call or grab a cab or something (a ride home with another kid can be just as problematic). Not foolproof, of course, lot of times people who are not fit to drive feel they are, but having a reliable alternate may make them more likely to use it if they know it will be without judgement. I never understood parents who pull the judgement route (and sadly seen a lot of that), when they themselves did stupid things, it is much like “Back to the Future” when the kid sees what his mom was really like:)