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Joe Biden’s request of OPEC+ to pump more oil has been flatly rejected. Reuters reports that the oil cartel, which now includes Russia, sees no need to increase oil output beyond its current levels.
One of the four sources, speaking on condition of anonymity, told Reuters there was no need to release extra oil more quickly, while another said there was no concern that the planned schedule of increases would leave any demand unmet.
Two other OPEC+ sources said the latest data from OPEC and from the West’s energy watchdog – the International Energy Agency (IEA) – also indicated there was no need for extra oil.
Gas prices in the United States have shot up since January 2021, increasing more than 40% in that period. This and Biden’s monetary spending policies are contributing to historic levels of inflation surging well beyond the average American’s pay increases.
Biden canceled the Keystone XL Pipeline and canceled oil and gas leases via executive orders on his first day in office. He faces lawsuits over those actions while they contribute to the rise in energy prices. The instability his decisions have caused in Afghanistan could have yet another negative impact on the economy.
Last week, Biden asked OPEC+ to increase production, prompting derision and reminders of his executive orders that harm U.S. energy production. He has his answer.