OPEC Thumbs Its Nose At President Biden

OPEC Thumbs Its Nose At President Biden

Share to Linkedin VIENNA, AUSTRIA - OCTOBER 05: Secretary-General of OPEC Haitham al-Ghais (R) and Saudi Arabia's ... [+] Minister of Energy Prince Abdulaziz bin Salman Al-Saud (2nd L) hold a press conference after the 33rd OPEC (Organisation of the Petroleum Exporting Countries) and non-OPEC ministerial meeting, which was held to evaluate the market conditions and to discuss the production amount to be applied as of November, in Vienna, Austria on October 05, 2022. (Photo by Askin Kiyagan/Anadolu Agency via Getty Images) I tell people that to understand OPEC, you have to put yourself in their position. Their objective is to maximize the value of the oil they have in the ground. That objective is directly contrary to the desires of most U. S. politicians and consumers — which is access to cheap gasoline. Oil prices have been rising since the pandemic-related production disruption in 2020. That price rise accelerated when Russia invaded Ukraine. In an effort to combat rising prices, earlier this year President Biden began the largest drawdown of the Strategic Petroleum Reserve (SPR) in U. S. history. That was aimed at combating oil prices that had surged past $100/bbl, and it was certainly a factor that helped