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President Joe Biden is locked in on a collision course with the global energy sector, mainly America’s oil and gas behemoths and the Organization of the Petroleum Exporting Countries (OPEC). The president may not have realized, but he has fired an opening salvo in his war on fossil fuels, leading to a showdown with Big Oil and the cartel. The collateral damage in this battle will be, of course, the consumer, who has been decimated by skyrocketing price inflation this year. The economics of crude has been widely discussed, but what about the political fallout from the latest announcement? Biden Off More Than He Can Chew?
Joe Biden The White House confirmed that it would release 50 million barrels from the nation’s half-century-old Strategic Petroleum Reserve (SPR). The decision sparked laughter in the financial markets since it already included 18 million barrels that were authorized for auction and will be given to India and China. Market analysts also pointed out that the U.S. consumes between 18 and 20 million barrels of oil per day – a fact that Energy Secretary Jennifer Granholm was unaware of – so the move will only power the nation for about three days. Plus, the administration conceded that the measure would not achieve much to ease prices substantially, calling it a “bridge” to lower gasoline prices.
Overall, many parties are doubtful that this will achieve much in the long run. In fact, it might lead to more geopolitical chaos than savings at the pump or on household heating bills. While the media championed a U.S.-China diplomatic victory, Washington could be at odds with Saudi Arabia and other OPEC nations. This may not have mattered if the U.S. sustained its energy independence , but now that President Biden has undermined this accomplishment by canceling pipelines and discouraging investment and production, the Oval Office may need to tread carefully moving forward.
Next month, OPEC and its allies, OPEC+, will be holding a ministerial meeting. Before the president’s announcement, it was anticipated to be a mundane meeting that would only reaffirm […]
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