Biden's green war created this billions-dollar tax on all of usThe OPEC-announced policy to cut oil production by 1.6 million barrels a day is an embarrassing indication that President Joe Biden's repeated pleas to Saudi Arabia to increase oil output have fallen on deaf ears.
What is worse is that it has been Biden's anti-fossil fuels climate change policies that have given OPEC new life to control world energy prices.
Before Biden’s policies, the U.S. had been the world’s marginal producer, significantly offsetting OPEC production cuts with our own production increases. Our dynamic oil industry had sharply curtailed OPEC’s influence over world oil prices.
Biden’s war on American oil and gas changed all that. U.S. domestic oil production– in states such as Alaska, North Dakota, Oklahoma, Pennsylvania Texas, West Virginia – has been reduced by an average of roughly 2.7 million barrels a day. That is a cumulative total of 2 billion barrels, and counting.
To make matters worse, by taking U.S. oil and gas out of the world picture, OPEC has been emboldened to reach into consumers’ wallets by reducing its own production, which it now pledges to reduce by about 1.6 billion barrels. That’s 4.3 million barrels a day missing from the world market.
With the gas price now headed back up to $4 a gallon in the weeks ahead, the Biden energy policies are in effect a tax of at least $1 a gallon on American motorists and U.S. industries.
Remember, oil prices were averaging about $2.59 a gallon when Trump left office. ..............
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