Saudi Arabia delivers blow to America’s haphazard energy policy
“The US has gone from a net energy exporter to Oliver Twist holding his bowl in about a year.”
The US has gone from a net energy exporter to Oliver Twist holding his bowl in about a year. https://t.co/DgGjFHQOGQ— HUNTSMAN 🇺🇸 (@man_integrated) November 5, 2021
Just two days after Joe Biden demanded an oil price cut from OPEC+, Saudi Arabia has announced plans to significantly raise prices for December.
OIL MARKET: First OPEC+ said "no" to Washington about extra production beyond the 400,000 b/d hike. And now Saudi Aramco is announcing huge price increases for December, particularly for Asia and Europe. Really punchy OSPs numbers | #OOTT— Javier Blas (@JavierBlas) November 5, 2021
Only yesterday, US energy secretary Jennifer Granholm called on major oil-producing countries to increase supplies of crude oil in order to help their cost of living crisis.
It is a sight that highlights America’s dwindling geo-political and economic presence on the world stage.
.@FerroTV questions U.S. Energy Secretary Jennifer Granholm on the United States' relationship with OPEC+, the Strategic Petroleum Reserve & how to square rising gas prices with the Biden administration's clean energy strategyhttps://t.co/jFVTf0Ck4e pic.twitter.com/P6RAUn4akm— Bloomberg TV (@BloombergTV) November 5, 2021
Biden’s green agenda continues to collide with his duty to protect US citizens’ standard of living, despite the president’s administration failing to admit the contradiction.
Again, when focus comes back to the question of whether or not the US needs to increase its oil production, Granholm’s bellowing laughter below says it all.
When @TomKeene asks @SecGranholm the very pertinent question on whether America (and no OPEC+) needs to increase oil production. The response, amid laughing: "That's hilarious" #OOTT pic.twitter.com/LToWUIxTb0— Javier Blas (@JavierBlas) November 5, 2021
However, when the laughing stops, the secretary of energy is quick to get back to the OPEC+ “cartel” rhetoric.
There are other factors than OPEC+ in oil markets, and after the Biden administration's efforts to deal with the “cartel”, maybe now would be a good time for America to explore them.