Oil is evil, but OPEC+ must please pump more
Tom KirkmanIndependent Project Manager
Biden White House:
Oil is totally evil and will destroy the climate and cause the world to end.
We must *end* oil.
< stamping feet loudly in tantrum >
Also Biden White House:
We *demand* that OPEC+ increase production of their oil to lower our energy costs before midterm elections.
< stamping feet loudly in tantrum >
OPEC+ to Biden White House:
No problem, we will reduce oil production. You’re welcome.
< laughs in OPEC+ >
====================
“One day after we wrote that “OPEC Is Taking On The Fed”, the oil cartel did just that when it announced that it was cutting output by 2mmb/d the despite a furious diplomatic campaign by the White House hoping to avoid the inevitable, and warning that any cut would be seen as a “hostile act” by the Soros administration.
Of course, despite Biden’s fondest wishes that OPEC+, which of course counts Russia among its members, would help Democrats win the midterms by keeping the price of gas low, this was not going to happen.
… Needless to say, as this increasingly hot war between OPEC+ and the West (i.e., the Fed) escalates,
● the total amount of oil available to the West will go down, not up,
forcing the Fed to hike even more to offset the decline in supply with even less demand …”