Biden killed domestic oil production. Under Trump, we exported oil.
From CNBC, August 11th, 2021:
White House calls on OPEC to boost oil production as gasoline prices rise
The White House is calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices, amid concerns that rising inflation could derail the economic recovery from Covid.
And their answer would be NO. From Alarabiya News:
OPEC+ sees no need to meet US call to boost output, sources say
OPEC and its allies, including Russia, believe oil markets do not need more oil than they plan to release in the coming months, despite US pressure to add supplies to check an oil price rise, four sources told Reuters.
The price of international benchmark Brent crude has risen 35 percent this year towards $70 a barrel, driven by economic recovery from the pandemic and supply restraint by the Organization of the Petroleum Exporting Countries and its partners in the alliance known as OPEC+.
Look for higher gasoline prices. Heating oil. All energy. Time to seriously tighten belts - going to get a lot worse until it gets better.
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