Stuart Varney discusses OPEC's decision on oil output cut

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Stuart Varney discusses OPEC's decision on oil output cut

Stuart Varney Co. host discusses OPEC considering a massive cut in oil production as inflation and the war in Ukraine rages on, arguing that the meeting is a big deal during his latest My Take Wednesday.

STUART VARNEY: Two hours ago, OPEC opened its first in-person meeting in two years. Oil ministers from around the world got the urgent call to get over to Vienna on Saturday.

In the middle of a war and a global energy crisis, we are in the middle of a war. It is an embarrassment for President Biden. He had begged the Saudis to increase oil output. They're going to cut at this meeting.

They want the price to go up. That is another problem for the president. He took credit when gas prices went down, but now the prices are rising, the White House blames Putin.

Before that, he blamed the oil companies, even gas station owners.

When the average price of gas goes to $4 a gallon, what will he say? It's already well above $5 in Oregon $5.53 Nevada $5.53, Washington $5.34 and $6.42 in California. Those are all Democrat states. Years ago, President Obama warned that voters don't like high gas prices.

Why is inflation already slowing down?

Two years ago, Trump was president and American energy ran the show. Now we're dependent on OPEC, and they're telling the president to get lost.

We should get our own energy and rise to the challenge. He is married to the greens, and he doesn't want a divorce.

It's only 34 days until the midterms.