Retired U.S. Army General Keith Kellogg gives an expert analysis of Russia’s war on Ukraine and how it’s affecting America’s volatile gas prices in “Cavuto: Coast to Coast.” Offers.
The American Oil and Gas Association on Wednesday mocked President Biden, who appeared to have no choice but to look to the U.S. oil industry, which his administration has neglected, to combat rising gas prices.
President Biden said on Wednesday that he would release another 10 million barrels of oil from the US Strategic Petroleum Reserve (SPR) to counter rising prices. The announcement came just hours after the Organization of the Petroleum Exporting Countries (OPEC+) said he would cut oil production by 2 million barrels per day.
Here you can see the 3D printed oil pump jack in front of the OPEC logo. (REUTERS/Dado Ruvic/File Photo / Reuters Photos)
In March, Biden announced that he would release 1 million barrels of oil a day to counter record gas prices amid turmoil in markets caused by a global recession, inflation and the war in Ukraine. Reserves are now at their lowest level in almost 40 years.
“OPEC says no. The SPR options are almost gone… WH has one option left and it should never have turned away in the first place. It’s the oil and gas industry that puts it on,” said the American Oil and Gas Association. Tweeted on Wednesday. “Life will come soon…”
Biden has been at odds with the oil industry since taking office. On his first day in office, he issued an executive order canceling his Keystone XL pipeline. Biden has also repeatedly accused oil companies of soaring energy prices this year, partly due to Russian President Vladimir Putin’s invasion of Ukraine.
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Meanwhile, OPEC+’s decision Wednesday to slash production to support falling oil prices delivered another blow to the struggling global economy, pushing US drivers’ politics just weeks ahead of the midterm elections. expected to drive up the price of sensitive pumps.
The White House condemned OPEC+’s decision, and in a joint statement issued by National Security Advisor Jake Sullivan and NEC board member Brian Deeds, Biden said, “The global economy is struggling to cope with continued negative conditions. “We are disappointed by OPEC+’s short-sighted decision to cut production quotas while we are at it,” he said. Impact of Putin’s invasion of Ukraine. “
Storage tanks at the Valero Energy Corp. refinery in Memphis, Tennessee. (Luke Charlett/Bloomberg/Getty Images via Getty Images)
Oil is well below its summer peak as major global economies such as the US and Europe threaten to slip into recession due to high inflation, rising interest rates and energy uncertainty over Russia’s war in Ukraine. increase. OPEC+’s decision could help its member Russia weather a looming European ban on much of Moscow’s oil, but its ramifications will be several as allies are already unable to meet their quotas. There are restrictions on
OPEC+ said its decision was based on “uncertainty surrounding the outlook for the global economy and oil markets”.
Saudi Arabia’s Energy Minister Abdulaziz bin Salman rejected questions referring to the reaction in Washington and hinting that OPEC was backing Russia, citing the group as guardians of stable energy markets. emphasized the role of
“We are here as a coordinating force to bring stability,” he told reporters.
The recent drop in oil prices has been a boon to US drivers, who recently saw gasoline prices fall before costs began to rise, and to Biden, whose Democrats are gearing up for next month’s congressional elections. increase.
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Biden tried to get credit for the drop in gas prices from their June average peak of $5.02.
Oil prices trended higher in the first days of Mr. Biden’s presidency after he used an executive order to cancel the Keystone XL pipeline and suspend oil and gas leases on state-owned land. did.
The Associated Press contributed to this report.
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