Biden's energy debacle gets worse
The Biden administration launched a full-scale pressure campaign in a last-ditch effort to dissuade Middle Eastern allies from dramatically cutting oil production, according to multiple sources familiar with the matter.
But that effort appears to have failed, following Wednesday’s crucial meeting of OPEC+, the international cartel of oil producers that, as expected, announced a significant cut to output in an effort to raise oil prices. That in turn will likely cause US gasoline prices to rise at a precarious time for the Biden administration, just five weeks before the midterm elections.
On Wednesday morning, OPEC+ oil ministers meeting in Vienna agreed to an even larger production cut than the White House had feared — 2 million barrels per day, beginning in November, according to a readout of the meeting released on Wednesday. The ministers said the cuts were necessary “in light of the uncertainty that surrounds the global economic and oil market outlooks.”
President Joe Biden told CNN’s Arlette Saenz on Wednesday that he was “concerned” about the cuts, which he viewed as “unnecessary.” Secretary of State Antony Blinken told reporters when asked about the move that “when it comes to OPEC, we’ve made clear our views to the OPEC members.”
For the past several days, Biden’s senior-most energy, economic and foreign policy officials were enlisted to lobby their foreign counterparts in Middle Eastern allied countries including Kuwait, Saudi Arabia, and the United Arab Emirates to vote against cutting oil production. Wednesday’s production cut amounts to the largest cut since the beginning of the pandemic and could lead to a dramatic spike in oil prices.
Some of the draft talking points circulated by the White House to the Treasury Department on Monday that were obtained by CNN framed the prospect of a production cut as a “total disaster” and warned that it could be taken as a “hostile act.”
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The purpose of OPEC is to regulate prices to the advantage of its members. If Biden was smart, which he is not, he would increase US production by the same amount or more. By driving up the price of energy with his ridiculous production cuts in the US and the world market Biden funded Russia's war in Ukraine and handed OPEC the ability to jack up prices.
See, also:
For decades, left-wing Democrats have been advocating higher gas prices — after all, there is no stopping global warming as long as there's $2 gas. But now the tables have turned. Gas prices are high and climbing again, and Democrats are in a panic. There's an election coming up in a month — didn't you hear?
Currently, in spite of White House spin, gas is about $1.50 higher on average than when President Joe Biden took office. In some politically sensitive states, gas prices are exceedingly high, such as in Wisconsin ($4.06, according to AAA), Arizona ($4.51), and Nevada ($5.54).
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And:
Gabe Vasquez says New Mexico 'can continue to produce oil and gas responsibly'
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