(Stephen Moore | Committee to Unleash Prosperity) – The sheer idiocy of the Biden war on American fossil fuels was amplified yesterday when the Saudis announced that they will be CUTTING oil supplies by two million barrels a day in order to bring the price back up to near $100 a barrel – which means $4 to $5 a gallon in the U.S. (Except in California where gas prices are already near $7 a gallon.)
The OPEC announcement comes after many humiliating months of President Biden kneeling prostrate in front of the Saudi oil sheiks and begging them to please, please increase their oil production. The Saudis did just the opposite.
What is sad about this story is that OPEC had become a toothless tiger when Trump was president because of the massive output of made-in-America shale oil and gas. By the end of 2019, the U.S. was the number one producer of oil and gas. Hard to have a cartel when the biggest producer isn’t playing.
Our new CTUP study shows that the U.S. would be producing two to three million MORE barrels of oil a day if the Trump policies were still intact and if ESG policies weren’t bullying companies to divest from fossil fuel development.
In other words, a pro-drilling policy would have not only foiled the OPEC strategy of cutting production by two million barrels a day, but it would have also obviated the need for depleting almost 200 million barrels of oil from our Strategic Petroleum Reserve.
Americans aren’t guzzling less oil, we are just getting more of it from Saudi Arabia, Iran, and OPEC countries. Biden just announced he now wants to get more oil from Venezuela.
Does ANY of this make any sense?