Postby Mitch » Thu Oct 06, 2022 11:36 am
On day 1 Biden cancelled the pipeline, revoked thousands of oil & gas leases and permits, and turned investors (via the banks) against the oil companies, all in the name of the New Green Deal, which will not be a reality for at least 30 more years. In the meantime, the US, and the world for that matter, still needs fossil fuels to sustain life and economies, but the administration turns a blind eye. Western Europe went much farther down the Green road than we did, and they are right now firing up the coal plants and the nuclear plants, particularly in Germany. France has the most nuke plants so they won't get hurt as bad. The new Prime Minister of the UK issued orders to drill and frack. And what are we gonna do?
Biden first went to Saudi Arabia with his hat in hand to beg to produce more oil, (after he had previously vilified Saudi government in a campaign speech), when US gasoline average price went to nearly $5.00 a gallon. They told him to pound salt. So he's been releasing hundreds of millions of barrels of oil from our Strategic Reserve, depleting it to the lowest capacity since the early '80s. (That oil must be replenished at much higher cost per barrel). So now, OPEC+, at the behest of the Russians, who need the money to support their illegal war in Ukraine, have decided to cut production by 2 million barrels per day to sure up the price, (a free market decision on their part), and Biden is pissed. This time OPEC is giving them the bird. Now the administration is willing to talk to the Maduro regime in Venezuela about cutting the sanctions on the Communist government in exchange for oil, but they're not willing to give American oil companies a long term agreement to produce, which would spur investment. We could be comfortable with our own supply and have plenty to support Western Europe and the UK with both oil and natural (Liquified) gas, while at the same time driving the world price back down and depriving Putin of the cash he needs. This administration has been a total disaster from Day 1.
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