A Saturday Short
I
The Biden Administration asked the Organization of Petroleum Exporting Countries (OPEC) and Saudi Arabia specifically not to engage in their planned oil cutback of 2 million barrels per day until after the American mid-term elections – November 8, 2022.
This measure by OPEC will once again raise gas prices in the USA, but the administration claimed the request was not associated with the election. Yogi claimed to be “smarter than the average bear”, but apparently Biden believes that this does not extend to American humans.
Just like Biden’s previous request in July to the Saudis, OPEC’s largest producer, for increased production, the Saudi response was again, no. The United States has gone from being an oil-independent nation to one that goes around sucking up to others. And, the need for it – none.
In a further plea, Joe Biden will shortly announce the release of 15 million barrels of oil from the nation’s Strategic Petroleum Reserve to hopefully prop-up votes. Considering the USA uses or consumes about 20 million barrels per day, you can imagine the true insignificance of the announcement.
Then yesterday, after having closed the XL Pipeline, shuttered the ANWR, reduced the federal oil and gas leases, and have every federal government agency battle oil production and refinery companies with inordinate, unwarranted climate policies, Biden arrogantly and shamelessly blamed these same companies for excess profiteering while demanding they produce more gas and oil.