OPEC Set to Snub Biden's Production Plea

[orangecrush]

OPEC to Decide on Oil Output

OPEC+ countries meet today to decide whether to increase oil production as the world faces a growing supply crunch, fueled by an economic rebound in the developed world.

Oil prices have risen to seven-year highs in recent weeks as demand has steadily rebounded following a steep fall at the outset of the coronavirus pandemic.

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Back then, with oil trading at $30 a barrel, U.S. consumers could enjoy prices of less than $2 per gallon at the pump. Now the average gas price has ticked up to $3.38 per gallon, according to figures from the U.S. Energy Information Administration.



That crunch on consumers is the reason why U.S. President Joe Biden is pushing OPEC to pump more oil and force the price down. “The idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not right,” Biden said on Sunday.

These crowd-pleasing comments come in stark contrast to U.S. attempts to arrest the damage of fossil fuels at COP26, this year’s major United Nations climate conference. Asked about the discrepancy, Biden deflected. “It does on the surface seem inconsistent,” he said. “But … the idea that we’re going to be able to move to renewable energy overnight and not have—from this moment on, not use oil or not use gas … is just not rational.”

That kind of short-term thinking may become the default for the Biden administration, with less than a year until midterm elections and an ambitious agenda already watered down by the Democratic Party’s conservative wing, the White House will be under pressure to show it can deliver something, anything, to win voters back to its side—or at least do enough to avoid Republican attacks.

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The United States may well go the same route as China, which has drawn on its own fuel reserves to keep prices down locally. The United States holds roughly 600 million barrels of crude oil in its strategic petroleum reserve, and Energy Secretary Jennifer Granholm suggested in October that it could soon be put to use.



https://foreignpolicy.com/2021/11/04/opec-set-to-snub-bidens-production-plea/

[Crazyleftie]

1. The saudis want the Trumps back in office......

[orangecrush]

2. Because

Despots love despots