OPEC denies Biden’s pleas to pump more oil
Last week, American Experiment detailed how President Biden, who has hindered North American energy production by canceling the Keystone XL pipeline and issuing a ban on issuing new drilling leases on federal land, was begging the Organization of Petroleum Exporting Countries (OPEC) and Russia to pump more oil to keep gasoline prices in check.
This week, OPEC and Russia have denied the President’s plea, stating “OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise…”
Forbes contributor David Blackmon wrote:
This one was easy to see coming, as President Joe Biden’s request for the OPEC+ countries to pour more of their own oil onto the global market in order to ease crude oil prices made no real economic sense from the beginning. As I pointed out last week, Biden was basically asking these other countries to damage their own economies in an effort to ease inflation in the United States.
Biden’s decision to kneecap American and Canadian oil producers and then ask OPEC and Russia to pump more oil was always doomed to fail because it is negotiating from a position of weakness.
Peace, and low energy prices, are achieved through strength, and this strength is earned by encouraging a robust American energy industry. Not only does this domestic energy industry provide the United States with lower energy costs, but it also provides thousands of high-paying jobs in the oil and gas industry.
Unfortunately, the energy policies put forth by the Biden administration are the worst of both worlds, crippling American energy production, and the jobs that accompany it and serving to increase costs.
The President of the United States of America should want Americans to have all of the jobs, not just some of the jobs.