OPEC went ahead and slashed 2 million barrels a day from production despite the pathetic efforts of the Biden administration. The president and his minions went begging hat in hand and got nothing.
We are once again dependent on Middle Eastern oil sheikhs because of Mr. Biden's misbegotten, unscientific, hysterical obsession with climate change and his holy jihad against American fossil fuels.
It is now OPEC that includes Russia. It's another OPEC-Saudi stick in the eye to America since higher oil prices help finance Vladimir Putin's war against Ukraine.
In just two years, Joe Biden has taken the country from the power of dominance of President Donald Trump to a state of energy dependence on our adversaries. We have gone back to the Stone Age energy.
Remember all the great knee-knocking fears surrounding financial markets and economy in the 1970s, 80 s, 90 s and early 2000s when every OPEC meeting was surrounded by high-drama speculation because the rest of the world feared oil shortages and sky-high prices?
As recently as 2008, oil jumped to $150 a barrel because of the price spikes of OPEC and OPEC, which would lead to high inflation and deep recession.
That is the situation that Joe Biden's Green New Deal policies have put us into. It is a terrible situation, it is unnecessary, it damages our energy security and national security.
The US produced just over 13 million barrels a day a few Trump years ago, beating the Russians and Saudis by a wide margin. Our best-in-the-world energy industry was calling the tune on oil and natural gas and gasoline. We are whistling past the graveyard. Biden has wrought this.
According to the Energy Information Administration, we should be at 14 million barrels a day by now, on our way to 15 million barrels a day by 2024.
Despite record high prices, we are at 11.8 million barrels in the last monthly reading this summer. Pre-pandemic, we were over 13 million. We're about a million and a half barrels short. We are over a million barrels short of gasoline. All thanks to Biden's war on fossils.
The Baker Hughes rig count, which is an indicator of oil and gas drilling, is only 604 today. It was over 800 during the Trump years. Our private companies have had to cut back because of Biden's war on permitting, drilling, fracking, pipelining, refining and LNG terminals.
The closure of fossil spigots has jeopardized not only the economic welfare of our citizens here at home, but our national security posture abroad. Biden has given the powerhouse title back to OPEC.
Biden is destroying the Strategic Petroleum Reserve, which was originally meant to pitch in oil sales during temporary natural disasters and supply oil during wartime emergencies or OPEC oil embargoes.
Biden has depleted about 50% of the SPR for political election-year price-fixing to suppress gasoline costs at the pump. Here, the Saudis have outwitted him.
By cutting production, the Bidens will have to pay high prices to refill their petroleum reserve, hoisted on their own petard. Biden Democrats will pay a price at the polls as OPEC moves oil prices in their so-called October surprise and gas prices edge higher.
This whole catastrophe is caused by the global warming central planners who have done so much damage to our economy and our country. Thank goodness the cavalry is coming.