Such a Novel Idea, Imagine That Is What We were Doing

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OPEC Says To Biden: If You Want More Oil, Pump It Yourself (forbes.com)

OPEC Says To Biden If You Want More Oil Pump It Yourself

OPEC Says To Biden: If You Want More Oil, Pump It Yourself

 

Ariel Cohen

 

 

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• President Joe Biden speaking on Wednesday in front of gasoline prices last month in California.

 

OPEC and its oil-producing partners have rebuffed President Joe Biden’s calls for increased production amidst rising fuel prices, retorting that if the United States believes the world’s economy needs more energy, then it has the capability to increase production itself. The OPEC+ alliance, made up of OPEC members led by Saudi Arabia and non-member top producers guided by Russia, approved an increase in production of 400,000 barrels per day for the month of December.

 

Several OPEC ministers have expressed concern over loosening the taps, wary of renewed setbacks in the battle against the pandemic and the slow speed of economic recovery. Countries claim that because demand is not yet high enough to justify increased production, there is a risk of market distortion. Luckily for consumers, OPEC members also have a rich history of cheating.

OPEC+ supply restraint has supported a rally that pushed global benchmark Brent crude to a three-year high of $86.70 last month.

To Produce or Not to Produce, That Is the Question?

President Biden’s overtures to OPEC + sound disingenuous against the backdrop of a Democratic Party energy doctrine, announced in January 2021, that seeks to limit production of hydrocarbons in the US and limit GHG emissions globally. This year the Biden administration announced a moratorium on drilling permit issuances on federal lands and waters, and effectively killed the KEYSTONE XL pipeline from Canada to the U.S. in the name of environmental and Native American tribal concerns. Biden wants to appeal to his Democratic voter base by reducing the climate costs of domestic fuel production, while also pressuring other nations to increase their output to lower domestic oil prices. In other words, politically, he wants to have his cake and eat it too.

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‘Not right’: Biden comments on refusal of Russia, OPEC+ countries to boost oil production | Hellenic Shipping News Worldwide

 

What isn't right is Biden's head