OPEC PUNKS JOE BIDEN
Written by Peter Boykin on October 7, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
OPEC PUNKS JOE BIDEN
OPEC+ announced that it plans to cut oil production by 2 million barrels per day – in spite of a “full court press” by the Biden regime, lobbying them to increase oil production.
FYI: OPEC is a group of 13 powerful oil-producing countries such as Saudi Arabia, Iran, United Arab Emirates, and Venezuela. OPEC+ includes some of the coalition’s allies like Russia.
Prices are going to rise: It’s already been a painful year at the pump for American drivers. At one point, the national average for a gallon of gas was over $5. Today, prices have come down just below $4, but this move by OPEC+ is likely to send gas prices higher right before the midterm elections – which is the main reason Biden is concerned about this.
Why is OPEC cutting production?
It’s all about supply and demand. As the price of oil increases, people use less of it. When people use less of it, the price goes down because it’s no longer in high demand. So OPEC is seeking to “stabilize” lower oil prices by cutting production, thus bringing the prices back up to a price they’re happy with.
Politically this is a bad look for Joe Biden and the Democrats. Biden has practically begged OPEC not to do this. You may recall over the summer he traveled to Saudi Arabia to ask them to increase oil production, a trip that yielded no concessions from the Saudis.
The only thing that came out of it was the embarrassing fist-bump [image above] with the man Biden had previously called a “pariah.”
What happens next?
Biden announced that he plans to release another 10 million barrels of oil from the U.S. Strategic Petroleum Reserve in November – our nation’s emergency supply of oil intended for wars and natural disasters. This is on top of the nearly 180 million barrels he already released since March, bringing the reserve close to a 40-year-low.
Everything this guy touches turns to ?. He can’t make a deal with oil-producing countries. He won’t increase oil production domestically. His only solution is to tap into our emergency savings. This is loser mentality leadership on full display.
[Source: Fox Business, Zero Hedge, NBC News]
Did you know the “Petro-dollar” is the source of 25% of the US dollar’s value?
Thanks to a sweetheart deal with other countries, almost all oil deals are settled with US dollars, even between unrelated countries like say France and Nigeria.
This greatly increases the demand for US dollars, largely due to OPEC partners.
The dollar took a hit among BRICS economies by sanctioning Russia through SWIFT and forcing them to use other currencies.
Now we have proposed to “punish” OPEC+ and give them all the motive in the world to NOT use US dollars.
I see no way this carefully thought-out plan can backfire.
Editors Note: If you want to learn more about our dependency on the “Petro-Dollar” check out this previous article.
FALL OF THE DOLLAR? How PetroDollar Gets People Killed and Keeps the USA dependent on Oil
Note the individuals assassinated or enemies of America, Bin Laden, Saddam Hussain, Kadafi, and Puttin all have one thing in common they had the desire to switch the oil standard to another currency or at least the powers that be were afraid they might.
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