US Oil Industry Hit Out at Biden Following OPEC’s 2M Barrel Cutbacks

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OPEC Oil

Following OPEC’s dramatic announcement of production cuts, the US fossil fuel industry was very critical of President Biden, saying that the administration has no choice but to encourage domestic production.

US Oil Industry MOCKS Biden Given OPEC Announced Production Cuts

US oil producers responded to OPEC’s move by saying that the US must dramatically increase its output. They say that the Biden administration stifles domestic production with too many rules.

The US Oil and Gas Association tweeted on Wednesday, “The White House has one option left, and it’s the one they should have never turned away from in the first place: the US oil and gas industry.”

“Life comes at you pretty fast,” the group said in jest after OPEC said it would cut oil production by about 2 million barrels per day, limiting supply when gas prices are already very high.

After OPEC announced dramatic production cuts, the fossil fuel industry in the US had harsh words for President Joe Biden.

Concerned about climate change, Biden promised on the 2020 campaign trail to “end fossil fuel.” His administration has proposed and passed several stricter regulations that have discouraged new investments in drilling and refining.

OPEC Oil
A man pumps gas in a Chevron station on October 5, 2022 in Monterey Park, California.Saudi Arabia, Russia and other top oil producers agree on a major cut in production. US gas prices have already been trending higher in recent weeks. California gas prices are approaching record highs again. Move denounced by the United States as a concession to Moscow that will further hurt the global economy. [FREDERIC J. BROWN/AFP/Getty Images]

The OPEC Move Slashing Oil Productions Adds to Already Painfully-High Gas 

With gas prices averaging $3.83 per gallon across the country and rising quickly because of worries about supply, the energy crunch could hurt Democrats in the upcoming midterm elections.

Dan Kish, the senior vice president of the pro-fossil-fuel Institute for Energy Research, saw the irony in the situation.

Forbes quotes Kish as saying, “President Biden and his administration have done everything in their power from day one to disarm American energy production unilaterally, and now he wants to blame everyone else for his dangerous policies.”

“His routine is getting old, and Americans will pay the price for his continued attacks on American energy,” he said.

CEO of the American Exploration and Production Council Anne Bradbury said, “This Administration’s energy policies make no sense and make us more dependent on foreign sources.”

“Instead, the Biden Administration should be focused on ramping up production here in the US through a thoughtful and comprehensive energy policy that helps bring down costs and makes us less reliant on foreign sources,” she said.

The American Petroleum Institute criticized Biden for making it much harder to lease federal land for oil and gas production than other presidents.

In July, Biden met Saudi Crown Prince Mohammed bin Salman, who asked OPEC, led by Saudi Arabia, to increase oil production; instead, OPEC announced significant cuts.

OPEC Oil
A top drive drilling rig drilling for oil in the Green River Desert in central Utah. [Jon G. Fuller/VW Pics/Universal Images Group/Getty Images]

Sanctions Relief To Boost Oil Exports!

Mike Sommers, President and CEO of the American Petroleum Institute, said, “The solution to meeting the demand for affordable, reliable energy is right here in the United States.”

“Geopolitical instability is making our energy crisis worse, and US policymakers should be doing everything they can to make more energy here in the US, not asking other countries for more oil,” he said.

Also, the White House denied rumors that it plans to ease sanctions on Venezuela in a last-ditch effort to get the socialist dictatorship to export more oil.

‘Our sanctions policy on Venezuela remains unchanged. “We will keep using and enforcing our Venezuela sanctions,” Adrienne Watson, a spokesperson for the White House National Security Council, told Reuters on Wednesday.

Watson said that the US wouldn’t change its policy of sanctions against Venezuela unless President Nicolás Maduro takes “constructive steps” to restore democracy.

It came after a report that Washington was getting ready to ease some sanctions on Venezuela so that Chevron Corp could start pumping oil there again.

News reports say that in exchange for the sanctions being lifted, Maduro’s government would start talking again with the country’s opposition about what needs to happen for free and fair presidential elections in 2024.

OPEC Oil
A general view of the Organisation of the Petroleum Exporting Countries (OPEC) headquarters during the 45th meeting of the Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC ministerial meeting in Vienna, Austria on October 05, 2022. [Askin Kiyagan/Anadolu Agency/Getty Images]

Earlier, OPEC+ Members Meet In-Person in Vienna

Wednesday, the White House said that it was “clear” that the OPEC+ oil alliance was “aligning with Russia” after it announced a massive cut in production of two million barrels.

Even though the West is trying to stop Russia from getting money from oil and gas sales to pay for its illegal invasion of Ukraine, this is likely to boost Moscow.

Also, gas prices could go up again for American drivers, which would be a massive setback for the Biden administration.

Energy ministers from the OPEC cartel, led by Saudi Arabia, and allied non-members like Russia got together in person for the first time since early 2020 at the group’s headquarters in Vienna.

Their production cut, which they announced on Tuesday, is the biggest one since the COVID-19 pandemic began. It comes after the price of a barrel of oil dropped by about a quarter in just three months. It is now worth around $90, and people are worried about a global recession.

When reporters asked President Joe Biden about OPEC+’s decision as he got on Marine One to go to hurricane-ravaged Florida, he said, “I need to see the details.”

He said that he was “concerned” and that it wasn’t necessary.

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