The United States sits on 1.442 trillion barrels of recoverable deposits.
That's enough to meet our energy needs for 200 years.
Joe Biden is the only reason we are dependent on OPEC.
— Daniel Turner (@DanielTurnerPTF) October 6, 2022
OPEC+, which includes the 15 OPEC members and the consortium’s Russian-led allies, voted Wednesday to cut oil production by 2 million barrels per day even though the White House urged the group to pump more oil, according to Bloomberg.
OPEC and its Russian-led allies will reduce crude oil production as they are concerned that oil demand will fall as the world enters a recession, Bloomberg reported. President Joe Biden’s senior officials have been attempting to pressure OPEC into voting against a production cut as the White House would consider this to be a “hostile act,” CNN reported on Wednesday.
The administration was “panicking” over OPEC’s potential to cut production as it is concerned that gas prices may continue to rise and hurt the Democrats’ chances in the November midterm elections, according to CNN. The White House aggressively lobbied Kuwait, Saudi Arabia, the United Arab Emirates and other OPEC members to vote against cutting oil production; however, its efforts failed as OPEC+ wants to keep oil prices steady by reducing global supply ahead of winter, according to Bloomberg.
The Brent crude oil benchmark sits at $93 a barrel on Wednesday after peaking at over $120 a barrel in March. An oil price hike could further exacerbate the West’s fuel shortages which are causing household electricity bills and gas prices to skyrocket.
OPEC+ agreed to a small production boost in August after Biden visited Saudi Arabia and asked the OPEC member to pump more oil during a visit to the nation, according to The Washington Post. Biden was also rebuffed by OPEC after he asked its Middle Eastern members to produce more oil in May.
OPEC and the White House did not immediately respond to the Daily Caller News Foundation’s request for comment.
Energy & environment reporter.
Joe Biden cancelled the Keystone XL pipeline, which would have delivered 830,000 barrels of oil to America per day, and has given fewer oil and gas leases than any president since WWII.
Now our country is left scrambling when OPEC+ announces they are cutting oil production.
— Michael Seifert (@realmichaelseif) October 5, 2022
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