Posted by Maggie on October 5, 2022 in General News

Stephen Green: Biden Begs OPEC for More Oil Again, Gets Massive Cut Instead

Ace: Oof: OPEC+ Panel Recommends Cutting Oil Production by 2 Million Barrels Per Day; White House Having “A Spasm and Panicking,” Per US Official

I’m beginning to wonder if this dolt believes this is a bottomless pit with a nozzle…

Caitlin McFall: BIDEN’S BET – President to release 10M barrels of oil from Strategic Petroleum Reserve as OPEC pushes prices higher: Biden to release 10M more barrels from Strategic Petroleum Reserve in November in wake of OPEC+ cutsStrategic Petroleum Reserve release will be in addition to 180M barrels released since April

I can still do math, ya know.
OPEC+ decreases oil production by 2M barrels a day.
Biden releases (another) 10M barrels from our already depleted SPR.
That will roughly cover five days of the OPEC+ decrease.

Let’s be clear about what happened:

1. Biden destroyed America’s oil/gas industry and made us dependent on OPEC again.

2. Biden begged OPEC to produce more oil.

3. OPEC is doing the opposite—cutting output by 2 million barrels a day.

Total failure. OPEC is laughing at him.

— Steve Scalise (@SteveScalise) October 5, 2022

https://t.co/dwmUzEkjKK “This is the first time in history, honestly, that the Strategic Petroleum Reserve has been used as a campaign credit card to buy down political risk for the midterms.”~U.S. Oil and Gas Association President Tim Stewart

— Adele In Texas (@AdeleinTexas) October 5, 2022

Mike Miller: OPEC’S Expected Cut In Production Underscores Biden’s Dangerous War on the Oil Industry

Haris Alic: Lawmakers criticize US reliance on foreign oil as OPEC+ slashes production: OPEC+’s production cut is likely to cause higher gasoline prices for US consumers

Tyler Olson: BARRELING DOWN – Manchin says US needs to reverse course after OPEC cuts oil production: Manchin says OPEC+ decision to cut oil production shows US must emphasize ‘energy independence and security’. Manchin has clashed with other Dems, Biden officials on energy policy in recent months

Charlotte Hazard: Biden dangerously draining Strategic Petroleum Reserve like ‘campaign credit card, industry warns: With crude inventory in the SPR down to its lowest level since Ronald Reagan’s first term, President of the U.S. Oil and Gas Association Tim Stewart said the reserve is being used by Biden to “buy down political risk” ahead of the midterm elections.

Reminder…

In 2020, Democrats blocked Trump’s proposal to buy American oil at $24 a barrel.

Yesterday, a Biden official disclosed a secret offer to buy OPEC+ oil at $80 a barrel in exchange for not cutting production.

Biden’s efforts backfired. The US is weakened.https://t.co/ygwOZqPIBk

— Michael Shellenberger (@ShellenbergerMD) October 5, 2022

Michael Shellenberger’s Twitter tweet thread here.

Michael Shellenberger: Biden’s Secret Promise To OPEC Backfires: In 2020, Democrats blocked Trump’s proposal to buy American oil at $24 a barrel. Yesterday, a Biden official disclosed a secret offer to buy OPEC+ oil at $80 a barrel.

And Biden still has no plan or attempts at replacing any of the SPR reserves he’s siphoned off these last several months.

Meanwhile…

Bethany Blankley: Activists protesting oil industry use products only made possible by petroleum, energy insiders note

~~Many thanks to Maggie and The Universal Spectator for reprint permission.