Biden Administration Complains About OPEC’s Decision
(LibertySociety.com) – On October 5, the Organization of the Petroleum Exporting Countries (OPEC) announced it will cut back on its oil production by two million barrels per day. The White House quickly responded, calling the decision “shortsighted” and said it was bad timing. The move means bad news for consumers who will likely see gas prices rise again.
OPEC is a group of oil-exporting nations that was created over 60 years ago. The entity controls oil production and pricing, which has an impact on consumers around the world. The founding countries of the coalition include Saudi Arabia, Kuwait, Venezuela, Iraq, and Iran.
Reactions to the News
On the day of the announcement, White House Press Secretary Karine Jean-Pierre reacted to the news. She accused OPEC of “aligning with…Russia,” calling the move a “mistake.” National Security Advisor Jake Sullivan and NEC Director Brian Deese released a joint statement on the matter. They relayed President Joe Biden’s disappointment about OPEC’s decision to cut production of the commodity. The pair said maintaining a “global supply of energy” is of the utmost importance at this time and will negatively impact poorer countries who are already suffering from high energy costs.
The President’s Moves
Sullivan and Deese praised the president for his recent work to bring gas prices down in the United States and announced the Department of Energy will release another 10 million barrels of oil in November from the Strategic Petroleum Reserves (SPR) to the market and will continue to make releases as appropriate. During his tenure in the White House, the Commander in Chief has released over 200 million barrels from the SPR, leaving some concerned about the emergency supply.
Almost four months ago, Biden traveled to Saudi Arabia to talk with leaders about increasing production. If it chose to, the country could likely pump an additional 1.5 million barrels daily. Unfortunately, for many Americans who drive, that plea failed to bear fruit.
Biden, through his administration, also asked energy companies across the nation to keep consumer costs low at the pump by pricing the per gallon amount close to what they pay for the resource. Deese and Sullivan said this move highlights the importance of stepping away from fossil fuels as soon as possible. The Biden administration said moving forward with clean energy will ensure “energy security” for the US.
How do you think the OPEC decision will impact the US, and what do you feel the administration can do to help?
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