Since August, Biden and his top White House officials have repeatedly asked OPEC and Russia for more oil and gas as energy prices have skyrocketed. But oil prices surged again Friday after foreign producers ignored the Biden request.
U.S. crude oil surpassed $80 per barrel while the lead foreign index broke $81 per barrel, both increasing 1.5% today, according to the latest data.
The Middle Eastern cartel Organization of the Petroleum Exporting Countries (OPEC) and its Russian counterpart, collectively known as OPEC+, denied the Biden administration’s Thursday request and chose not to alter any previously announced plans.
The Biden Administration’s request to increase productions to boost output and resolve global shortages is futile. Why would they want to do that and cut their profits and assist the United States?
On Tuesday Biden told reporters, “If you take a look at, you know, gas prices and you take a look at oil prices, that is a consequence of, thus far, the refusal of Russia or the OPEC nations to pump more oil.”
According to Reuters, Senior Wall Street energy analyst Edwards Moya said on Thursday, “OPEC+ had an easy and quick meeting Thursday, barely even considering Biden’s repeated requests.” Moya added, “At no point did OPEC+ consider changing their output strategy, which was completely the message they had.”
Republican lawmakers have revved up their attacks on the president’s energy policies, saying his decision to hamstring American oil and gas firms is negatively impacting American Consumers. In fact, about 20 Republican senators wrote to Biden on Friday, urging him to take immediate action to ease the burden on Americans paying more at the pump.
But a separate group of GOP senators released a comprehensive climate action plan on Wednesday countering Democratic climate and prioritizing U.S. energy independence.
The administration has taken steps to increase the hurdles for U.S. producers to increase domestic output. Instead, from day one Biden gave up U.S. energy independence Trump had accomplished, by canceling pipeline contracts and producing contracts of U.S. oil companies.
“There’s nothing that’s becoming more expensive than gasoline today,” house Minority Leader Kevin McCarthy said during a recent roundtable on Capitol Hill. “And it doesn’t have to be the case. When gasoline becomes more expensive, the people that it truly hurts are those that are less fortunate.”