White House is “Having a Spasm and Panicking” as OPEC Agrees to a Major Cut of 2 Million Barrels a Day
In July, Joe Biden, flew to Saudi Arabia to beg the monarchy to pump more oil.
Joe Biden does not want the US to produce more oil and gas. That would make too much sense. No, Joe Biden wants hostile regimes to provide the US with the oil we need here at home.
It wasn’t that long ago that the US was an oil exporter and gas was under $2.50 per gallon. But all that changed after Joe Biden took office.
In July the Saudi Minister of State told CNN that the regime refused to commit to boosting oil production.
And on Wednesday OPEC leaders agreed to a major production cut of two million barrels of oil a day.
The new normal in the US of a gallon of gas is surging past $4/gallon again. Before Joe Biden the highest recorded gas price was $4.10 per gallon in 2008. Under Joe Biden the average price of gas in the last 6 months is way above that previous all-time high.
The price of a barrel of crude oil soared to $88 per gallon following the news earlier today.
This will have a serious impact on the already struggling US economy under Joe Biden.
The Biden regime is reportedly “having a spasm and panicking” over the latest news. Too bad they can’t depend on their Chinese windmills to make up the slack.
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.