OPEC Gives Democrats An Unwelcome October Surprise
Despite begging from the Biden Administration not to, OPEC+ has decided to cut daily oil production by 2 million barrels a day. The production will likely result in even higher gas prices right before the November midterm elections.
According to Reuters, this will be the steepest oil production cut by the cartel since before the COVID-19 pandemic began in 2020. The production cut is designed to raise oil prices which fell from $120 a barrel to $90 a barrel over the past three months.
How is the Biden administration expected to counter this move? According to JPMorgan, the Biden administration is expected to make yet another non-emergency release from the Strategic Petroleum Reserve. But there’s a major problem with that, the SPR is at its lowest level in 40 years due to the Biden administration’s other non-emergency releases this year.
No wonder why the Biden administration was panicking and begging OPEC not to do it. Their preferred method of fighting oil price hikes is increasingly depleted. The Biden administration’s non-emergency depletion of the SPR places America at increasing risk of an actual energy emergency. What we need is more production, not another release from the SPR.
The Biden administration is “disappointed” by OPEC+’s decision because they know this will result in higher gas prices just in time for the midterms.
It’s clear Biden is simply not respected by the OPEC+ countries. So much for America being back.
If only there was a way for the United States to make the decisions of OPEC irrelevant by producing more of our own oil and gasoline. But as Rupert Darwall points out in an op-ed for RealClearEnergy the Biden administration won’t do that. This is an administration that is fundamentally opposed to domestic fossil fuel production. They see high gas prices as a good thing because you’ll give up your car. They’re all for your misery as long as it serves their “climate change” fighting goals.
Of course, Biden isn’t the only Democrat who hates reliable domestic energy. California is a monument to terrible Democratic energy policies.
If you’re looking for someone to blame for higher gas prices, blame the Biden administration and Democrats and their war on reliable domestic energy. Then vote them out in November.
