Irony of the Day: Energy Secretary Asks OPEC to Pump More Oil

November 8, 2021

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9:54 pm

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24 comments

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Economics, Politics

Message for OPEC

U.S. energy secretary has a message for OPEC: Boost oil supply so people don’t get hurt this winter.

U.S. Energy Secretary Jennifer Granholm has called on oil-producing nations to immediately increase crude supplies to mitigate the surging cost of living.

Oil prices have recently hit their highest levels since 2014, and crude-importing countries are feeling the pain. It’s boosted gasoline prices and has added to surging inflation rates around the globe, with consumers already paying more due to supply bottlenecks in the economy.

“The message is we need to increase supply at this moment so that people will not be hurt during the winter months,” she told CNBC’s Steve Sedgwick on Friday at the COP26 climate summit in Glasgow, Scotland.

President Joe Biden has squarely blamed the reluctance of OPEC and its allies, known as OPEC+, to pump more oil for the sharp rise in energy prices in the U.S. and around the world.

Be Careful of What You Ask

It would behoove Biden and his energy secretary to come to grips with reality.

Biden, his energy secretary, and all the Greens wanted less oil and they got it.

They want to end oil and gas production in the US too. But now they ask OPEC to pump more.

Deal With It

It does not pay to drill new wells or invest in the sector that’s doomed.

Why should OPEC or US producers pump more? They should make what they can, while they can.

If the price of gas is too high, Biden might consider looking in the mirror for the reason why.

Meanwhile, the US is at COP26 seeking ways to end investment in oil while temporarily begging for more of it.

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24 Comments

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Jojo

2 years ago

So why don’t we turn the shale oil back on?

paperboy

2 years ago

bumper sticker seen in the oil belt during the last oil boom/bust

“Let the bastards freeze in the dark”

Tony Bennett

2 years ago

“If the price of gas is too high, Biden might consider looking in the mirror for the reason why.”

…

POTUS is ASKING the wrong folks. Instead, he needs to TELL the right people —> FOMC. The Federal Reserve insane monetary policy fueling mal investment Bubbles Everywhere. How much energy WASTED mining bitcoin alone??

ZaDave

2 years ago

I’m a Canadian, living in the Western province of Alberta. Biden’s first move as president was to cancel the Keystone XL pipeline. Here we are less than a year later and his administration is asking freakin’ OPEC of all groups to increase production? What a great way to spit in the face of your closest allies and trading partners. The green agenda is so ludicrously hypocritical and out of touch with reality that it would be laughable, if it wasn’t steadily destroying all of our standards of living.

Steve_R

2 years ago

Reply to ZaDave

Keystone XL pipeline. It is not about the pipeline, it is about what type of oil is flowing in the pipeline. The tar sands oil contains bitumen, the cost to refine this type of product is steep and costly. Why is this oil not refined in Canada? This is not sweet crude that is being extracted from Texas or Wyoming. There would have been very few jobs in the US that would have been created after the pipeline would have been put in place.

StukiMoi

2 years ago

But, but… “We” are always special snowflakes “right now!!!!” Because, right now, it’s, like “special!!!”

Everyone else should use less. But “we” “need” more!!! Just right now!!

End of story being: All oil which can be burned, will be burned (duh!).

All governments are like Biden’s: 100% self centered, incapable of comprehending even the simplest logical extension. Babbling about all manners of “rules” that “everyone” must follow, and how “negotiating” such rules are such an important task. Yet always perfectly OK with “exceptions.” For themselves, of course. It’s “The Chinese” who are baaad and must be “held accountable” for not following the rules!!!

IOW, Idiot hour all day long, all the way down.

The way, for anyone, to deal with “global warming” is, as is the case for all else: Improved efficiency: More efficient resource allocation. Richer guys deal better with climate change than poorer guys. Ergo, get richer. Which is just another way of saying (unless you have the option to just steal like Biden and his central bank): become more efficient. If that requires burning coal and oil, oh well. Whatever you don’t burn, Biden will burn anyway (even if only, like “right now because he needs it..”).

Then, when things get hot…: You have more wealth. For AC, a place by the beach, a plane ticket to Tesla driving Norway, and bribe money (or guns) to deal with Norway’s border police when you get there. While the monkeys dumb enough to listen to Biden, have nothing other than Biden’s empty promises, to help them cool off.

KidHorn

2 years ago

I’m not an expert on oil logistics, but I would assume transporting oil from half way around the world produces a lot more CO2 than sending it down a couple thousand miles of oil pipeline to the gulf coast.

StukiMoi

2 years ago

Reply to KidHorn

Producing it in the remote arctic, is much less efficient than in Arabia.

In general, the cost of production and transport combined, is a reasonable estimate for energy cost of getting the oil to you. energy is use is ultimately what you pay for, hence what prices reflect.

IOW, as is the case in more areas than not: Lower energy, hence lower CO2, simply means less spending. Exactly what you spend on, is less important than how much you spend.

KidHorn

2 years ago

Reply to StukiMoi

Arctic? Alaska has been in decline for decades. The oil come from tar sands in southern Canada and the Dakotas.

TexasTim65

2 years ago

Reply to KidHorn

Correct. Most US oil imports come from Canada

link to worldpopulationreview.com

Next to nothing comes from OPEC which is why it’s funny Biden keeps asking OPEC to turn on the taps. He must be doing it for the rest of the world because he’s not doing it for US consumers.

thimk

2 years ago

The economy is trying to get kick started while the Dems rush to implement their ideology . The executive branch wields too much economic power. Who would want to invest in good ole USA, if every 4 years the rules change dramatically ?

Casual_Observer2020

2 years ago

OPEC,Russia and others are mostly in the bag for Trump. I predict we see averaged of $5 for regular unleaded by election day 2022 and $6 by 2024. The longer the worries about the economy persist the higher the chance of Trump victory on election day 2024.

KidHorn

2 years ago

Reply to Casual_Observer2020

Let me guess. You watched CNN every night for a year after the 2016 election believing any day now, Trump would be arrested and thrown in jail.

davebarnes2

2 years ago

It is not “ironic”.

It is pandering to the voters who voted for GOPers because of “high” petrol prices.

Rbm

2 years ago

Reply to davebarnes2

Yeap ive remember that trick used in the past

Rbm

2 years ago

They wont do anything till us producers step up. Why would they.

A. Cut their profits

B. Both have axes to grind with dems. Putins sanctions saudis kahashoggi (sp) murder.

C. They will try to make life hard for the us producers when the start up.

All three would rather has republicans in office.

How does it feel to be a pawn. Kind makes me want to slap some solar panels on the roof and get a hybrid.

ColoradoAccountant

2 years ago

Long USO.

EGW

2 years ago

I am looking forward to the sea levels rising since it would be nice to finally have waterfront property. Oil isn’t going to go away any time soon because we simply can’t live without it.

Business Man

2 years ago

During the campaign Biden and his handlers were shouting love to the Greens and Progressives to generate huge interest, and then making lots of checks that their mouths couldn’t cash. Like cancelling Keystone on Day 1.

They figured everyone would just…forget, when and if there was an impact on energy prices. Blame someone else.

Now that their policies are actually having an effect, the Progressives are happy, but the rest of the country is very much not.

Biden and his people want their cake and wish to eat it too.

How stupid are the people who believe that we can create energy out of fairy dust and that it will all cost the same or less than oil?

Karlmarx

2 years ago

Reply to Business Man

The vast majority of people – and likely 100 percent of “progressives” are not intelligent enough to put three variables together in their heads. I think that they truly believe that less oil less “warming” is some sort of god given causal relationship, and they just don’t have the brain capacity to figure out that less oil means higher prices, colder houses, more pneumonia, less jobs, etc. Darn lets just get rid of all energy and go back to the Middle Ages

shamrock

2 years ago

They really should be happy, the higher the price of gas the less people will burn. Of course the poor will suffer much more than the rich.

Eddie_T

2 years ago

Reality checks are a bitch.

Funny thing…..all my years of prepping, and until the freak snowstorm that killed power to most of Austin last winter, the missus was never interested. Now she wants me to buy a new generator. I think I’m going to get one that runs off the tractor PTO….something that might actually run my all-electric house with its two heat pumps and the pool pump, etc, etc.

Meanwhile, I am poised to benefit from higher energy prices.

Felix_Mish

2 years ago

Techie thing here. That quote, “It would behoove Biden and his energy secretary to come to grips with reality.” is not on the CNBC page I get. Is it a Mish comment accidentally put in the wrong DOM section of this posting?

If not, then, comment: If the Biden team has lost CNBC, the fat lady has sung.

Mish

2 years ago

Reply to Felix_Mish

Sentence misplaced in the blockquote. Fixed

Thanks

Irony of the Day: Energy Secretary Asks OPEC to Pump More Oil

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