* Prices at the pump are about $1 higher, 42%, than they were one year ago
* OPEC+ cut production by 10 million barrels per day at the height of the pandemic, and has only slowly started to increase production again
* 'This is simply not enough,' National Security Adviser Jake Sullivan said
* Republicans have blamed Biden’s shift toward green energy, which includes nixing the Keystone pipeline permit and pausing new federal oil and gas leases
The Biden administration is sounding the alarm about fast-rising energy prices and demanding that Saudi Arabia and OPEC produce more oil - after the president paused all federal oil and gas leases.
Prices at the pump are on average about $1.00 higher, 42%, than they were one year ago.
'Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,' National Security Adviser Jake Sullivan said in a statement Wednesday.
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WNU Editor: I do not see OPEC or Russia producing more. My sense is that they are happy with the price and current quotas.
More News On President Biden Asking Saudi Arabia And OPEC To Produce More Oil
White House calls on OPEC to boost oil production as gasoline prices rise -- CNBC
U.S. calls on OPEC and its allies to pump more oil -- Reuters
White House Calls on OPEC to Increase Oil Production after Curtailing Domestic Drilling -- National Review
White House calls on OPEC+ to increase oil production as gas prices rise -- Axios
4 comments:
More well thought out decisions. Who are these people who can't see past their nose.
Joe Biden is a loser. We are all losers, because that dumb mother affects our fates in some measure.
Any first semester econ student knows (except AOC) that your highest revenue is not to be had by producing as much as you can, but finding the sweet spot using calculus using the supply and demand curves.
If Russia and Saudi Arabia produced flat out they will have less money in the bank and run out of oil sooner.
The US under Trump was actually energy independent and a net exporter of oil. Then Biden was fraudulently inserted into office and he hobbled 40% of the US oil production on day one. Now gas prices are sky high.
/what a coinkydink!
No he's begging theocratic monarchies (who hate us) to pump more oil to boost his polls. Nope.
Here's a mock toast to the most corrupt, arrogant, incompetent pack of Marxist assholes to ever wander the White House grounds.
They all need to be removed.
Getting Saudi Arabia to produce more oil would certainly be in our interests and it would make sense to try and get them to do that. What is Biden prepared to offer to get them to do that?
When his team hamstrung US oil production, they took their number one negotiating tool off the table. At best, this is an unforced error on their part.
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