Posted on 11/04/2021 8:38:49 AM PDT by Hojczyk
After a brief meeting on Thursday, the group approved a 400,000 barrel-a-day production hike for December. That’s a pace that major consumers say is too slow to sustain the post-Covid economic recovery, with the U.S. asking for as much as double that amount.
The cartel could now face a bare-knuckle fight with the White House, amid growing speculation that the U.S. could tap emergency crude stockpiles in an effort to drive down prices. Crude futures erased most of their earlier gains, trading 0.4% higher at $81.16 a barrel as of 11:02 a.m. in New York.
What happens in the coming weeks will have major implications for a global economy that has been battered by high energy prices, and for the domestic political agenda of a U.S. president whose popularity is sinking as inflation rises. The showdown also puts further strain on America’s increasingly fragile relationship with its strongest Middle Eastern ally -- Saudi Arabia.
The agreement between the Organization of Petroleum Exporting Countries and its allies will “ensure a stable and a balanced oil market,” the group said in a statement. It noted “extreme volatility and instability” in some energy markets but concluded that those problems lie “outside the boundaries of oil markets.”
(Excerpt) Read more at finance.yahoo.com ...
If the Idiot Biden had not shut off the spigots here, we would not be begging OPEC.
If there was only something that could be done to fix this. You know, like in the old days way back in 2020.
Geeez! I wish we could figure a way out of this kerfuffle. What ever could we think of? Owwww owwww owwwww! Let’s build some windmills and solar panels. That should do the trick. You know to power up all those EVs everyone is clamoring for. Have any of these assclowns ever driven across the country? Looked at a map of the country? Choo choos brandon? Uh, no. Fookin’ idjits!
It takes a special kind of evil to shut down vas and oil production in your own country in an attempt to crush the middle class and then to beg for more production overseas to increase imports of oil and gas.
F**k Joe Biden and all of his communist handlers.
WE DON’T NEED MORE OIL, If they would just stop ALL Sales and Imports to ALL New England States, there would be plenty for the rest of us
In the words of Ken from the Gamera movies, I don’t care.
Americans should NEVER be going hat in hand to anyone for anything we can do, make, or take care of ourselves. It is shameful, and if Biden were able to experience shame, he would know this.
The Biden Crime Family is doing just fine financially.
When are people going to realize that the Democrats are getting paid by these other countries to shut down our oil production?
It ain’t green power.
It’s gold power.
The sheer lunacy of all this really annoys me.
They are worried about the earth’s atmosphere, but th oil produced by OPEC makes the exact same amount of CO2 as oil produced here in the USA. How does shutting down US oil production help anything?
Then there is the fact that the Dems and Greens have been pleading for decades for HIGHER energy prices. Now that they got them, people are unhappy, so they decide to BEG OPEC for more oil to REDUCE the same prices they wanted in in the first place.
How can any intelligent person not see these kooky liberal inconsistencies and self-contradictions?
Good...
Beggar-Man Joe needs to realize he must reopen our own gas supplies...
The Left wants higher energy costs. The public does not. So much for Dems and representative government.
I bet Joe Biden is pooping his pants right about now...
You know, I wonder if OPEC is doing a calculation of short-term pain for long-term gain. “Don’t like our dirty, stinky oil, huh? Well, alrighty then, you can’t have it.” The industrialized public will take care of the “problem” for OPEC, maybe at the ballot box (maybe otherwise in some countries).
The Chinese may be doing something like this also. No coal, huh? OK, mo magnesium smelters running, no magnesium.
No magnesium = basically, no aluminum (aluminum unalloyed is not very useful). A good part of industrial production will stop. When it becomes impossible to make a beer can or the can costs the consumer more than what’s in it...there will be “trouble”.
“WE DON’T NEED MORE OIL, If they would just stop ALL Sales and Imports to ALL New England States, there would be plenty for the rest of us.”
Burning oil for the purposes of heating is idiotic. And we are the only industrialized country that does it to any degree.
You’d think that this would somehow make the evening news.
“President shutdown domestic oil supply and begs terrorists to increase output.”
You’d think, but nope . . .
OPEC should do the opposite. Cut production.
And we all know that the increases at the pump...by more than a dollar since last year...is directly related to your shutdowns.
You forgot that his administration blames all the shortages on the American people and our consumer habits.
It’s not their fault and the MSM will do everything in their power to assist them in placing the blame on the citizens and Trump’s policies
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