Good day all. Since the worst president* in the history of the United States was installed into the White House, energy costs, along with everything else, have skyrocketed. The Moron in Chief has made it his maladministration’s policy to shut down the American energy sector and make America once again dependent on foreign oil production.
This led to Bumbles Biden going hat in hand to OPEC and begging them not to cut production. Their response was short and sweet. They asked him if he knew what day it was.
With that, OPEC cut oil production by 2 million barrels a day, just weeks before the midterm election. Gas prices are already climbing back up, thanks to that senile incompetent fool. It didn’t have to be that way. If President Trump’s policies had been retained, the OPEC cut would have had no effect on us. Here are the details from Newsmax:
A new study indicates that President Joe Biden’s energy policies have cost the U.S. nearly $100 billion in annual output, leaving millions more barrels that could have been produced.
The Committee to Unleash Prosperity — a group founded by economists Steve Forbes, Art Laffer, and Stephen Moore — discovered a trend while reviewing oil and gas production under the previous two administrations.
Between 2 and 3 million more barrels of oil would be produced each day if former President Donald Trump had a second term, with another 20 to 25 billion cubic feet of natural gas produced as well, according to the report.
In addition, continuing Trump’s policies would make domestic oil production far outpace the current OPEC cut, with researchers claiming that not a single barrel of oil would need to be sold from the U.S. strategic reserves.
One of the major issues caused by the Idiot in the Oval Office is the draining of the Strategic Petroleum Reserves. The SPF is meant to be available in case of a national emergency where normal production has been severely curtailed for whatever reasons. Dementia Joe has been selling the oil for political reasons. Worse, he’s been selling it to foreign nations, including those hostile to the United States. (The People’s Republic of China) Now the reserves are at the lowest state in 40 years, and it achieved nothing.
“After many humiliating months of President Biden begging Saudi Arabia and other OPEC countries to please increase their oil production, OPEC countries have decided to do just the opposite: they are cutting back on supply by two million barrels a day to drive UP the price of oil,” Moore stated.
“These high prices at the pump are in no small part attributable to Biden’s hostility to American oil and gas production,” he concluded, adding that the radical environmentalist movement has led to substantial divestment in oil and gas development.
The divestment movement is starting to blow back on money managers pushing the Energy, Social and Governance movement. (ESG) State governments that rely on the energy sector for both jobs and revenue have had it with groups like Black Rock and have started pulling their investments from them. I have a suspension that in the next year or so there will be shareholder revolt and lawsuits against the people running these investment firms for willfully violating their fiduciary duties to their clients. (Which is to maximize profits)
The analysis comes amid Biden’s indication on Wednesday he would continue to release oil from the nation’s reserves after OPEC revealed it would slash production by nearly 2 million barrels per day, Reuters reported.
It’s not going to help, especially since that fool is shipping it out of the country to other countries. Eventually, the oil is going to run out. The only way to fix things is to reverse all the damage Dementia Joe and his merry band of unicorn fart sniffing communists and start exploring for new sources of oil and gas, and ramping up the building and repairs to the transportation infrastructure. (This means laying new pipelines) Sadly, this isn’t going to happen until that corrupt, incompetent idiot is removed from office.
Thatisall
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