The U.S. Oil & Gas Association has fired back at Joe Biden after the Democrat president was snubbed by the Saudi Arabia-led Organization of the Petroleum Exporting Countries (OPEC).
As Slay News reported Wednesday, OPEC will slash oil production despite the Biden administration begging the group to ramp it up.
The move is a huge blow to Biden ahead of the midterms as the cut in oil will send gas prices soaring further.
The oil and gas industry has warned Biden that he now has no other option that to increase the domestic output of fossil fuels.
In a post on social media, the U.S. Oil & Gas Association said: “OPEC says no, SPR options all but gone…
“The WH has one option left and it is the one option they should have never turned away from in the first place—the US-based oil and gas industry.
“Life comes at you pretty fast.
“WH says it will ‘consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices.’
“A year ago every Dem but 1 voted to eviscerate our industry in the BBB.
“Congress is the last place to turn for advice…”
OPEC says no, SPR options all but gone…
The WH has one option left and it is the one option they should have never turned away from in the first place – the US based oil and gas industry.
Life comes at you pretty fast….
— US Oil & Gas Association (@US_OGA) October 5, 2022
WH says it will "consult with Congress on additional tools and authorities to reduce OPEC’s control over energy prices."
A year ago every Dem but 1 voted to eviscerate our industry in the BBB. Congress is the last place to turn for advice…https://t.co/rFQyF2HgAp
— US Oil & Gas Association (@US_OGA) October 5, 2022
National Security Advisor Jake Sullivan and NEC Director Brian Deese released a statement after the shocking snub:
“The President 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.
“At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices.
“The President’s work here at home, and with allies around the world, has helped to bring down U.S. gas prices: since the beginning of the summer, gas prices are down $1.20 – and the most common price at gas stations today is $3.29/gallon.
“At the President’s direction, the Department of Energy will deliver another 10 million barrels from the Strategic Petroleum Reserve to the market next month, continuing the historic releases the President ordered in March.
“The President will continue to direct SPR releases as appropriate to protect American consumers and promote energy security, and he is directing the Secretary of Energy to explore any additional responsible actions to continue increasing domestic production in the immediate term.
“The President is also calling on U.S. energy companies to keep bringing pump prices down by closing the historically large gap between wholesale and retail gas prices — so that American consumers are paying less at the pump.
“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.
“Finally, today’s announcement is a reminder of why it is so critical that the United States reduce its reliance on foreign sources of fossil fuels.
“With the passage of the Inflation Reduction Act, the U.S. is now poised to make the most significant investment ever in accelerating the clean energy transition while increasing energy security, by increasing our reliance on American-made and American-produced clean energy and energy technologies,” they said.
Democrat Senator Chris Murphy also weighed in on the situation.
“I think it is a mistake on their part. And I think it’s time for a wholesale re-revaluation of the U.S. alliance with Saudi Arabia,” Murphy told CNBC.
“I just don’t know what the point of the current alliance is, if we have to work so hard to get the Saudis to do the right thing,” he added.
United Arab Emirates Energy Minister Suhail Al Mazrouei said the decision was “technical.”
“It’s very important that it remains as a technical decision and it’s not political,” he said.
“That’s why it’s important to look at the technical side of the equation and look at any concerns regarding the economy and the status of the economy.”
OPEC and its Russia-led allies on agreed to slash 2 million barrels a day
The decision could undermine a plan by the G7 to cap the price of Russian oil on the global markethttps://t.co/19CCTkVoth
— Nick Timiraos (@NickTimiraos) October 5, 2022
