On Wednesday, OPEC+ agreed to reduce oil production by 2 million barrels per day, starting in November. The energy alliance made this decision in order to try and boost oil prices after they have dropped a quarter in just three months.
These decisions, coming right before the November elections, don’t bode well for the Biden administration, who criticized OPEC’s decision as being “shortsighted.” Meanwhile, the U.S. fossil fuel industry mocked the Biden administration for smothering domestic production and becoming overly reliant on foreign sources.
Biden had been asking OPEC to pump more so there would be lower fuel prices going into the midterm elections next month. After the energy alliance announced it would be slashing production, the White House released a statement saying that Biden was “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.”
“In light of today’s action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC’s control over energy pipes,” the White House added.
WH Press Secretary Karine Jean-Pierre also spoke on the matter, saying that OPEC’s decision makes it “clear that OPEC+ is aligning with Russia.”
While campaigning in 2020, Biden promised to “end fossil fuel,” and has since imposed stricter regulations that have slowed investment in domestic drilling and refining.
As the Biden regime will likely be forced to turn back to domestic production, U.S. oil producers have pointed out the irony of the situation.
The U.S. Oil and Gas Association tweeted,
“OPEC says no, SPR options all but gone…
The WH has one option left and it is the one option they should have never turned away from in the first place – the US based oil and gas industry.
Life comes at you pretty fast…”
The American Petroleum Institute also took shots at the administration, saying,
“Just a reminder – amid calls to increase domestic production, the Biden administration has leased fewer acres for oil and gas production on federal lands and wear than any other administration dating back to the end of World War II.”
Dan Kish, the senior VP at the Institute for Energy Research criticized Biden for his flip-flopping alignments, saying, “President Biden and his administration have done everything within their power from day one to unilaterally disarm American energy production and he now wants to blame everyone else for his dangerous policies.”
“His routine is well past getting old, and Americans are going to pay the price for his continuing assault on American energy,” Kish added.
Anne Bradbury, CEO of the American Exploration and Production Council, echoed Kish’s opinions, criticizing the country’s growing reliance on foreign sources. saying, Bradbury said, “This Administration’s energy policies are nonsensical and making us more dependent on foreign sources. Instead, the Biden Administration should be focused on increasing production here in the US through thoughtful and comprehensive energy policy that helps bring down costs and makes us less reliant on foreign sources.”
American Petroleum Institute President and CEO Mike Sommers also had something to say about the matter.
“The solution to meeting demand for affordable, reliable energy is right here in the United States,” said Sommers. “We face a growing energy crisis driven by geopolitical instability and U.S. policymakers should be doing everything in their power to produce more energy here in America, not urging foreign regimes for more oil.”