The U.S. Oil & Gas Association (USOGA) scorched President Joe Biden after he decided to release more oil from the Strategic Petroleum Reserve (SPR) because OPEC+ decided to cut oil production.
Unfortunately, the SPR will hit a 40-year low after releasing 10 million barrels.
Ouch.
What happens when you restrict supply? Demand and prices go up. It’s simple economics.
But no. To Biden, it’s all about the evil and greedy oil companies. He’s yelled at them to stop “price gouging” and bring down the price. It’s our fault because we refuse to buy those tiny electric vehicles.
Gas prices started rising this week, with California hitting new records. Midterms are five weeks away.
The Biden administration slyly let on they knew fossil fuels remain essential to people. Biden met with Saudi Arabia’s Crown Prince Mohammed bin Salman three months ago. Members of the administration supposedly spent the last “several days” lobbying “foreign counterparts…to vote against cutting oil production.
Groveling and begging do not you far with people who hold the strings. The administration learned that quick and is now panicking:
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.”“It’s important everyone is aware of just how high the stakes are,” said a US official of what was framed as a broad administration effort that is expected to continue in the lead up to the Wednesday OPEC+ meeting.The White House is “having a spasm and panicking,” another US official said, describing this latest administration effort as “taking the gloves off.” According to a White House official, the talking points were being drafted and exchanged by staffers and not approved by White House leadership or used with foreign partners.In a statement to CNN, National Security Council spokesperson Adrienne Watson said, “We’ve been clear that energy supply should meet demand to support economic growth and lower prices for consumers around the world and we will continue to talk with our partners about that.”
Biden’s people whined, “Russia, Russia, Russia” because whenever someone does something, they do not like, he or she is obviously a Russian stooge.
Yes, Saudi Arabia totally caved to Putin in its decision to cut production.
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