Connect with us

Hi, what are you looking for?

James St. John / Gage Skidmore / Flickr / Edit

Economy

OPEC Cuts Oil Production by 2 Million Barrels per Day as US Strategic Reserve Nears 40 Year Low

OPEC just dealt a massive blow to the Biden administration, experts say.

Oil producers in OPEC+ on Wednesday agreed that they will reduce oil production by 2 million barrels per day despite calls from the Biden administration to do the opposite, prompting some experts to predict a sharp rise in American gas prices in the near future.

Due to the Biden administration’s hostile regulatory position towards fossil fuels and American energy independence since taking power in January 2021, oil prices have consistently risen, soaring to the point where US gas prices had reached a record high above $5 a gallon in June.

Since then, prices in America have dropped to roughly $3.88 after the administration began tapping the U.S. Strategic Petroleum Reserve, which will now reportedly shrink to levels unseen in four decades.

Separate reports have stated that the 2 million daily barrel cut is double the amount that the administration has been releasing from strategic reserve in order to temporarily prevent gas prices from rising higher ahead of the November midterm elections.

According to a statement from the White House, Joe Biden disapproves of OPEC’s move and maintains that Vladimir Putin is responsible for the rise in oil prices over the Ukraine-Russia conflict.

Biden is “disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine,” the White House said.

Related  VIDEO: NHL Player Refuses LGBTQ+ Pride Jersey, Cites Christian Faith

In response to OPEC’s latest decision, Biden is now planning to drain another 10 million barrels from the rapidly depleting strategic reserve and place a ban on exports of U.S. gas, diesel, and other refined petroleum products in order to curb the rise in gas prices which have already began to impact the country this week.

In a letter to Energy Secretary Jennifer Granholm, the heads of the American Petroleum Institute and the American Fuel & Petrochemical Manufacturers slammed the Biden administration for considering the ban on energy exports, cautioning that it could disrupt global energy markets and harm the U.S. economy even more.

“Banning or limiting the export of refined products would likely decrease inventory levels, reduce domestic refining capacity, put upward pressure on consumer fuel prices and alienate US allies during a time of war,” the letter states.

Avatar
Written By

Andrew White is a Northern Virginia native. His work has been previously featured on Alex Jones’ Infowars, Revolver News, and The Liberty Daily. White is a constitutionalist Patriot, who focuses on social issues, election integrity, globalism, US politics, as well as general corporate and government corruption.

4 Comments

4 Comments

  1. Avatar

    daniel sullivan

    October 5, 2022 at 7:36 pm

    well libby’s you still support this dork – yeah you do you have all lost your mind

  2. Avatar

    Gerald Ladd

    October 6, 2022 at 8:16 am

    We’re disappointed in the asshole in the WH. We were energy independent until the drooling fool got installed.

  3. Avatar

    ESJB

    October 6, 2022 at 11:09 am

    The Corrupt Biden Family Openly Rips Off the USA and nothing Happens to these Maggots !!

    • Avatar

      Katie

      October 6, 2022 at 10:49 pm

      This administration would rather see us all die before they are willing to put us back on track to being energy independent. If liberals don’t wake up, we will be Venezuela 2.0. Is this what you people really want. Wise up and admit you have made a huge mistake by putting this moron in our White House.

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending on Valiant News:

Healthcare

After millions received them, vaccine evangelist Bill Gates now seems concerned about the effectiveness of the major COVID-19 vaccines

Politics

Irate protesters voiced their displeasure with Trudeau in Hamilton, as security shepherded him away from irate citizens.

Liberal Hypocrisy

"First woman of color" judge can't define Article V, Article II, or purposivism.

Politics

"They said, 'That Biden really is stupid, he really doesn't know a...'" Biden recalled before trailing off.