Posted on 10/05/2022 7:27:30 AM PDT by Erik Latranyi
The Organization of the Petroleum Exporting Countries (OPEC) and its oil-exporting allies announced a 2 million barrel per day cut in oil production Wednesday, bucking months of pressure from Washington to increase production and potentially spiking gas prices again.
The coalition, which includes the 13 OPEC nations and 11 non-members including Russia, made the announcement at its Vienna meeting, the first in-person summit since the beginning of the COVID-19 pandemic. The announced cut is roughly equivalent to 2 percent of global supplies.
In July, President Biden visited Saudi Arabia to directly appeal to its leaders to increase oil production, despite his administration’s frequent criticism of the kingdom’s human rights record. After the meeting, Saudi Arabia announced a production increase, but a significantly smaller one than the U.S. had requested.
The cut announced by OPEC+ is about twice the amount the U.S. has been releasing daily from the strategic petroleum reserve. White House press secretary Karine Jean-Pierre said Tuesday that future strategic petroleum reserve releases have not been discussed.
It’s unclear what direct impact the cut will have on domestic gas prices, but it could prompt an increase weeks before the midterms after the Biden administration has touted lower prices recently. Initial reports increased the price of oil by about $3 a barrel Wednesday morning. Prices have fallen from about $120 a barrel in June to around $80 a barrel amid concerns about a potential global recession.
(Excerpt) Read more at thehill.com ...
This is a shocking decision by OPEC+, considering that the global economy is now fighting stagflation. Biden could have stopped this decision with one phone call to the Saudis, but he didn’t make that call. That’s a stunning decision by Biden considering the election that’s now about a month away. Why didn’t Biden stop this production cut? Good question, but again it looks like he’s listening to environmental extremists who want to push people into EVs as fast as possible all around the world.
That extra push through higher gasoline prices is completely unnecessary. EVs will win out in the end because electric motors are so much more efficient at converting energy into mechanical motion. That’s why EVs have such great acceleration. Most of the energy in gasoline is lost through heat generated by internal combustion engines and isn’t used to accelerate motor vehicles. So we don’t need this extra push from higher gasoline prices. The world is converting to EVs at a rapid pace already, and this oil production cut is just going to add to stagflation at the worst possible time.
Make that call to the Saudis, Joe, and ask them to roll back this production cut. You can get that done and announce it before 5 PM eastern time today, if you really want to help the American people.
Does this mean OPEC nations won’t pay Hillary & democrats et al $10,000 a minute for ‘speeches’?
The good news?
Biden and our politicians are NOT as corrupt as Ukrainian politicians and Biden is uniquely disliked.
Does this mean OPEC nations won’t pay Hillary & democrats et al $10,000 a minute for ‘speeches’?
The good news?
Biden and our politicians are NOT as corrupt as Ukrainian politicians and Biden is uniquely disliked. Which means Trump will be able to make better deals.
Curse you, Babylon Bee! You got me again!
Did the Saudis took the OPEC step to protest Biden's dangerous Iran deal? Asides from tactical financial aims.
I ask, as a typical American who is no fan of neither. Nor of any non-democracy for that matter.
Probably has a 2 speed PowerGlide in that Vette.
Food bank recipients are right up there with the 13/60 rule. Blacks are 13% of the population and are almost 50% off the folk getting food bank charity. Keep voting Democrat imbeciles. MORE BLACK LORD OF THE RINGS PLEASE. Feel included yet????
Well, fine, but I don’t know what that has to do with average income people really getting whacked by food inflation that for them is running around 30%.
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