10.8.2022

OPEC’s Production Cuts Embarrass Biden, Anger PA Energy Producers

From Delaware Valley Journal’s

President Joe Biden went to Saudi Arabia earlier this year to bump fists and ask the oil-rich nation to increase oil output, essentially outsourcing oil production from U.S. oilfields to the Middle East in an effort to bring gas prices down.

On Wednesday, Biden got his answer. The OPEC+ nations led by the Saudis announced a production cut of 2 million barrels per day, about two percent of the world’s oil supply. It was the biggest rollback of oil output since the COVID-19 pandemic.

OPEC+, which is the 13 members of the Organization of Petroleum Exporting Countries (OPEC) and 11 other non-OPEC members, made the decision  reportedly based on the “uncertainly that surrounds the global economic and oil market outlooks.”…

Pennsylvania energy producers have also expressed frustration over Washington’s policy of discouraging domestic production at a time when supply chains — and the energy supply chain in particular — are so vulnerable. Why not use the oil and gas available here at home?

“A rational national energy policy would have the U.S. energy independent a far less concerned about the machinations of OPEC,” says Gordon Tomb of CO2 Coalition. “However, we have an administration absurdly obsessed with a climate scare that has no basis in science and denies Americans full access to the coal, oil, and natural gas needed to sustain a modern economy.”

The complete Delaware Valley Journal article, originally published October 6, 2022, which quotes CO2 Coalition Research Senior Advisor Gordon Tomb, can be accessed here.

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