Energy Report: I Don’t Have An Answer

Joe Biden, in a rambling answer at a CNN Town Hall meeting, in regards to gas prices says he doesn’t have a near-term answer. Biden blamed OPEC and seemed to suggest that OPEC was withholding supplies for political reasons yet failed to mention that it is his administration has policies that have also withheld supply. "I don't see anything that's going to happen in the meantime that's going to significantly reduce gas prices." A lot of Middle Eastern folks want to talk to me," he said. "I'm not sure I'm going to talk to them. But the point is, it's about gas production.” He also said that "My guess is you’ll start to see gas prices come down as we get by going into the winter, I mean excuse me, into next year in 2022.” Or course I would not trade on this advice because Biden has not been right about anything yet. I'd be more inclined to bet with France’s President Macron who is warning EU Leaders that the energy price spike will be prolonged.

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Image Source: Unsplash

Biden also suggested that he might release oil from the SPR to which he said it might lower gas by 18 cents but said it would still be above $3.00. Then he promised not to tax anyone making less than 400k yet then touted that he was against a gas tax. Biden blaming OPEC while withholding US supply is just ridiculous. What is scary for the country is that some of the warmongers in the democratic party want to give more war powers to the President to start a war with China over Taiwan and some are calling for military intervention in Haiti. God help us. 

Russian President Vladimir Putin seemed to be in a giving mood by saying that OPEC Plus is increasing oil supply by an amount that was ‘slightly more than agreed to by the group. At the same time, he warned that “Not all countries can considerably increase oil production. He also warned that “curbs on investments in oil development will cause shortages in coming years”. Putin: We're ready to start pumping via Nord Stream 2 as soon as we get authorization. It is possible for Russia to increase gas supplies to Europe and can quickly start gas supplies via Nord Stream 2. It's possible but not a sure thing I suppose until he negotiates the contracts. The comments by Putin dipped the market but it came back as they realized that the market needs more than a slight amount of oil from OPEC.

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Adam Reynolds 1 month ago Member's comment

Jason Green, don't put Palin down too much.  Some may have said she was nutty, but compared to some of today's Republicans like Marjorie Taylor Greene, she's a rocket scientist!

Jason Green 1 month ago Member's comment

You seem very biased against #Biden in this piece. Remember the Fracking Boom? During #Obama's two terms, the US went from being the top imported petroleum consumer to being the world's top petroleum producer. Then came #Trump, hellbent to destroy all of Obama's accomplishments. He did nothing to stop OPEC from bankrupting hundreds of US independent oil companies by flooding the world crude market.Trump's inaction against this economic warfare enabled him to take credit for cheap gas prices and OPEC has the US where they want us again - dependant on them.

Joe needs to be more like Obama, and encourage US oil companies to raise production quotas, NOT OPEC. We don't have to destroy the Arctic wildlife refuge or frack Yosemite to do it either.  We live on top of an ocean of oil. In the immortal words of Sarah Palin: "DRILL BABY DRILL!". Just not in dumb locations.