It’s been speculated for several weeks that OPEC was likely planning to announce a one million barrel cut of daily oil production as demand falls. But after the Biden administration tried to put pressure on OPEC to not cut production, they did announce that there will still be a production cut, but instead they will now aim to cut two million barrels of daily oil production beginning in November.
The White House declared in a statement that Biden is “disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine.” As a result Biden is directing the Department of Energy to release an additional 10 million barrels from our Strategic Petroleum Reserves.
“In light of today’s action, the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices,” the White House said.
The statement added that the OPEC+ announcement served as “a reminder of why it is so critical that the United States reduce its reliance on foreign sources of fossil fuels.”
The only problem with that statement is that they didn’t mean that America needs to start drilling again or else we would already be doing it. We could be energy independent like we were just a few years ago, but this administration is doing everything possible to ensure that we’re not and continues to make it as difficult as possible to drill here.
What you are seeing now is demand destruction and it’s something that I have been warning about for awhile. The Biden administration is pretending to be outraged at this cut but secretly they welcome it.
They welcome higher prices at the pump because it’s all about the Great Reset and moving America completely away from fossil fuels. They are openly claiming that we need to get off of fossil fuels as fast as possible. The way to do that is to make things so expensive that you have no choice but to switch to an electric car, or just stop driving completely.
Prices are going to begin to rise again and it’s going to get much worse over the coming months because it is by design. And prices at the pump rising aren’t even the worst part of it. This administration is putting our national security in grave danger by draining our reserves, which are meant for things like war. What happens if the US is pulled into a major war and we don’t have those reserves?
The next step in this plan is price controls and nationalizing the oil industry. They will use war and a shortage of oil (that they created) as the excuse to nationalize the oil industry. If that happens, and we are very close to that, that will be the final nail in the coffin for the US and we will cease to be a superpower.