Posted on 10/06/2022 7:47:34 AM PDT by MNDude
Gas prices that are already ticking back up again might increase another 10% or more following a move by the Organization of the Petroleum Exporting Countries and its allies to cut oil production by 2 million barrels a day.
The Biden administration — which has put a high priority on bringing gas prices down ahead of the 2022 midterm elections — was quick to lash out at OPEC’s decision. As the WaPo reported, administration officials have pressured OPEC leader Saudi Arabia to produce more oil to compensate for the global shortage caused by Russia’s invasion of Ukraine. President Biden himself even visited Saudi leaders during a trip to Jiddah.
“The President is disappointed by the shortsighted decision by OPEC Plus to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” U.S. national security adviser Jake Sullivan and National Economic Council Director Brian Deese said in a joint statement.
The White House does have a couple of options to help offset OPEC’s move. One is to tap into the U.S.’s strategic petroleum reserve, which it has already done this year. Another is to lobby hard for passage of the No Oil Producing and Exporting Cartels bill, which would penalize other oil-producing countries by opening them up to antitrust suits.
(Excerpt) Read more at s.yimg.com ...
MIGHT go up 10%?
When will Brandon threaten to nuke OPEC for being Putinistas?
Time to buy that perpetual motion machine that I have been looking at.
Doesn’t this article ignore the option of cutting regulation and embarking on a expedited policy of encouraging domestic oil production here asap by removing regulatory roadblocks? Couldn’t we make up all that 2 million BBLs per day cut by OPEC domestically if we desired to do so?
I predict $10 a gallon by Christmas...if we're lucky.
I’ve been racking my brain, trying to think of a way we could get more oil. There MUST be some way America can get the oil she needs. Hmmm. If only there was a way.
If the Biden Admin REALLY wanted to lower prices, they could ease up on the regulatory chokehold that they have over the domestic US oil & gas industries
the US wouldn’t need OPEC if they let their own industry operate fully ... like Pres. Trump tried to do
Some oil know-it-all on Special Report says 25¢.
Can I ask the question of “How much did the oil prices go up when Joke Biden shut down the Alaskan pipeline?”
Time to buy that perpetual motion machine that I have been looking at.
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Don’t tell the Greens about it. They’ve already squandered plenty of our tax dollars on their unworkable fantasies.
The price won’t go up until after the midterm elections. The Bidenreich will see to that.
The price will go up or down now depending on the demand side of the equation. Demand was already showing signs of dropping slightly as some people are driving a little less and the summer vacation time is over. Fall is the traditional quiet time for our economy.
The move by OPEC+ will defend the current price. The reaction to it in the markets has been minimal so far.
The real problem for OPEC is that Russia is pumping all the oil it can, selling it at heavily discounted prices, to finance its war and keep its economy afloat. Discounted abundant Russia oil that finds its way to most markets is a drag on price.
“Couldn’t we make up all that 2 million BBLs per day cut by OPEC domestically if we desired to do so?”
No, we can’t, and we won’t in the near future. Raising production requires prior investment, years of lead time and planning and a government that cooperates with rather than delays and hinders production.
It will climb as slowly as possible until November at which time it will necessarily skyrocket. If the conservatives win in November, the news media will blame the prices on the conservatives 24/7 at volume 11
Already at $6.25 here in sacramento. Can’t wait to see where its at in 2-3 weeks.
California’s problem is separate from the rest of the USA.
You can’t sell oil you can’t refine into gasoline, no matter what price you want for it.
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