Foreign Oil Tycoons Laugh Directly In Biden’s Face

Be prepared: your gas prices won’t be going down anytime soon.

The Biden administration’s plea for more oil production has been rejected by OPEC and its allies, including Russia, according to sources in a recent report.

The group of big oil producers believe oil markets do not need more oil than they plan to release in the coming months, recent reports confirm.

The report cited “four sources” but did not name them. Reporting on internal OPEC decisions is often based on unnamed sources.

The Organization of the Petroleum Exporting Countries is a cartel of 13 nations that includes Saudi Arabia and the United Arab Emirates. A larger group, that also includes Russia, Mayalasia, and Mexico, is known as OPEC+.

The plea for more oil came in the form of remarks from national security adviser Jake Sullivan last week. Sullivan complained the price of crude oil has been higher than it was before the pandemic hit. He said that the decision by OPEC last month to raise oil production by 400,000 barrels per day is “simply not enough.”

Gas prices have fallen by less than one cent over the past week and are up by two cents from a month ago.

Meanwhile, Biden has done nothing except destroy America’s energy independence, scrapping many of the Trump-era policies that allowed the U.S. to be self-reliant. Under Trump, we no longer needed foreign oil, which significantly increased our geopolitical leverage in both Russia and the Middle East.

Republican Texas Gov. Greg Abbott reacted to Sullivan’s remarks by asking the Biden administration to set American producers free to meet rising demand.

Author: Asa McCue