White House Losing Their S**t After OPEC Announcement on Oil Production Cuts
This past July, President Joe Biden traveled to Saudi Arabia to beg King Salman to increase oil production.
Meanwhile, back on the home front, Joe Biden opposes increasing US oil and gas production. That would be too logical. No, Joe Biden wants hostile governments to supply the US with the oil it requires for domestic use.
Not that long ago, the US exported oil, and the price of gas was less than $2.50 per gallon. But after Joe Biden took office, everything changed.
The Saudi Minister of State stated in an interview with CNN in July that the Saudi government would not commit to increasing oil production.
And on Wednesday, OPEC’s top officials decided to drastically reduce oil production by two million barrels per day.
Gas prices in the US are once again climbing past $4 per gallon as the new normal. Prior to Joe Biden, the highest gas price ever was $4.10 in 2008. The six-month average gas price under Joe Biden is significantly higher than the previous record-high price.
As a direct result of the news that broke earlier this week, the price of crude oil shot up to $88.
This will have a significant effect on the US economy, which is currently floundering under Joe Biden.
The Biden regime is allegedly “having a spasm and panicking” over the most recent information. It’s a shame they can’t rely on their Chinese windmills to make up the difference.
Leaked White House talking points say an OPEC oil cut would be a “total disaster” & propose threatening OPEC members.
A U.S. official said the White House is “having a spasm & panicking.”
All to avoid more domestic oil production.https://t.co/PhuMFt7jZY
— Michael Shellenberger (@ShellenbergerMD) October 4, 2022
On Wednesday morning, OPEC+ oil ministers meeting in Vienna agreed to an even larger production cut than the White House had feared — 2 million barrels per day, beginning in November, according to a readout of the meeting released on Wednesday. The ministers said the cuts were necessary “in light of the uncertainty that surrounds the global economic and oil market outlooks.”
President Joe Biden told CNN’s Arlette Saenz on Wednesday that he was “concerned” about the cuts, which he viewed as “unnecessary.” Secretary of State Antony Blinken told reporters when asked about the move that “when it comes to OPEC, we’ve made clear our views to the OPEC members.”
For the past several days, Biden’s senior-most energy, economic and foreign policy officials were enlisted to lobby their foreign counterparts in Middle Eastern allied countries including Kuwait, Saudi Arabia, and the United Arab Emirates to vote against cutting oil production. Wednesday’s production cut amounts to the largest cut since the beginning of the pandemic and could lead to a dramatic spike in oil prices.
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.