Texas Gov. Abbott offers to increase oil production instead of OPEC
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On Wednesday, Biden urged 23 oil-producing countries like Saudi Arabia to step it up. As they do, the price comes down to a degree, and the U.S. buys it at a lower cost.
The White House released a statement declaring that not having a competitive market from increased oil production risks “harming the ongoing global recovery” and noted that President Biden is “engaging with relevant OPEC+ members on the importance of competitive markets in setting prices.”
Enter Texas Governor Greg Abbott who has a much more simple solution:
Drill in Texas. The oil is right here.
“Dear White House: Texas can do this,” Abbot tweeted. “Our producers can easily produce that oil if your Administration will just stay out of the way. Allow American workers—not OPEC—produce the oil that can reduce the price of gasoline. Don’t make us dependent on foreign sources of energy.”
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According to the U.S. Energy Information Administration (EIA) Americans consumed 18.12 million barrels of petroleum a day or 6.63 billion barrels for the entire year. In 2018, the U.S. was the top oil producer in the world.
According to Visual Capitalist, U.S. oil output this year will drop to 11.04 barrels a day.
We have the ability to produce our own oil at a much lower cost without playing games with and giving money to, foreign entities, some of which are considered our enemies. Yet, the Biden administration has handcuffed American oil producers, driving up prices.
And all of this is being done unnecessarily. If Texas were allowed to cut loose (and indeed other states in the process) our oil concerns would more or less disappear. Prices would drop. Jobs would explode upward.
However, the Biden administration isn’t interested in doing that. Why? “Climate stimulus.”
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Biden's pander to Big Green is backfiring on him and hurting American consumers while doing nothing to stimulate inefficient alternative energy. It was one of the dumbest moves by a President since Obama tried some of the same things. American voters need to get the message that Big Green is not their friend and the polices of Big Green will harm the country without providing any signficant benefit.
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