Stuart Varney Co. host talks about OPEC considering a huge 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. It is an embarrassment for President Biden. He had urged 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 again, the White House blames Putin.
Before that, he blamed the oil companies, even gas station owners.
When the average gas price is $3.83, it's going to go up to $4 a gallon. 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 inflation is already slowing down?
Two years ago, Trump was president and American energy ran the show. 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's married to the greens, and he doesn't want a divorce.
It's only 34 days until the midterms.