The White House has been trying to stop skyrocketing gasoline prices but OPEC+ announced it would be cutting millions of barrels daily. The concern expressed by the Biden administration is not based on sound policy or lower gasoline prices for Americans. OPEC+ has announced that it will be cutting millions of barrels per day.
Biden visited Saudia Arabia in July. He reportedly asked the crown Prince to raise his salary and increase oil production. Biden blamed the war on Ukraine. He released millions upon millions more barrels from the United States Strategic Petroleum Reserve in an effort to increase the gasoline supply.
The SPR was not designed to be a long-term solution. Its primary function is to provide oil for the United States during times of crisis. America must ensure that there is enough oil on hand in case of an emergency. These are not the ones that have been created by the federal green energy cabal.
Biden isn’t sure what to do. He spent three years campaigning and governing for the total shutdown of the oil sector. Representative Steve Scalise (Republican From Louisiana) explained succinctly how we got here.
Scalise tweeted: “Let us be very clear about the events.” “1. Biden decimated America’s oil/gas industry and made us dependent again on OPEC. 2. Biden pleaded for more oil. 3. OPEC does the exact opposite and reduces output by 2,000,000 barrels per hour.
He said, “Total failure.”
CNN reports that White House sources describe the cuts as a “total disaster.” National Review reported that a White House official said that the administration is “panicking.”
The White House wants to lower rising gas prices and is releasing more oil from the SPR even though it’s already at record lows.
Biden was coldly treated by OPEC+ after his administration had announced that it would release more oil through SPR. Jacqui Heinrich from Fox News pointed out, however, that the White House hadn’t yet indicated that it was looking into this option.
Jesse Kelly (conservative host) observed that Joe Biden’s attempts to drain our oil resources to offset Democrat losses during midterm elections was perhaps the most regrettable thing a president could do.
Politico analyzed OPEC+’s decision, stating that it was “feeding an Autumn of Anxiety by Democrats over Energy Inflation and Prices at the Gas Pump Mars Higher”, raising concern that Republicans could gain momentum during the midterm election.
Bob McNally (President of Rapidan Energy) was a bit blunter in his description of the situation.
McNally said that the Biden administration was looking to a guillotine knife around its neck and it was likely to fall soon. This will cause an abrupt and huge drop in Russian oil production and a spike in oil prices.
Paul Bledsoe is a former Clinton administration climate advisor and Progressive Policy Institute member. He explains that the corner gasoline price is “the single greatest number” in American politics, especially for the party in power.
This is bad news for Democrats. You don’t have to be Hunter Biden (an energy expert) to understand it.
