Oil Cartel Delivers Bad News For Biden Ahead Of US Elections

[mystery-ak]

Oil Cartel Delivers Bad News For Biden Ahead Of US Elections


Nick Pope
Contributor
June 03, 2024 11:13 AM ET
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OPEC+ reached an internal agreement to prolong its oil production cuts, a move that could raise energy prices in the U.S. ahead of the pivotal 2024 elections, Reuters reported Monday.

The oil cartel, made up mostly of Middle Eastern nations and other oil-producing states — is prolonging existing production cuts of 3.66 million barrels per day through the end of 2025 and extending its ongoing cuts of 2.2 million barrels per day through September 2024, according to Reuters. The cartel’s deal to extend the cuts could mean that oil prices will remain high through this fall’s presidential election, according to The Wall Street Journal.

OPEC and its allies are presently reducing their production by about 5.8 million barrels per day, a volume that amounts to about 5.7% of the world’s demand, according to Reuters. The oil-producing cartel’s decision to extend cuts could put the global market into a supply deficit, conditions that would likely increase prices.

The Biden administration may be concerned about a possible spike in energy costs as the 2024 elections are approaching. The Department of Energy (DOE) recently announced a plan to release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve to tame prices at the pump while John Podesta — one of the most influential climate advisers in the Biden administration — has floated the possibility of more Strategic Petroleum Reserve (SPR) drawdowns if deemed necessary.

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https://dailycaller.com/2024/06/03/opec-production-cuts-oil-prices/

[Smokin Joe]

The Department of Energy (DOE) recently announced a plan to release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve to tame prices at the pump while John Podesta — one of the most influential climate advisers in the Biden administration — has floated the possibility of more Strategic Petroleum Reserve (SPR) drawdowns if deemed necessary.

Using strategic assets for strictly political purposes (to attempt to mute the tangible effects of disastrous energy policy in the run up to an election) should be a crime.