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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