You can run out of breath and ways to say how President Biden has tanked America's economic stability, and national security. You could fill a book with all the wrong policy decisions he has made, especially when it comes to American energy. On day one, he terminated Donald Trump's Keystone Pipleine project, which would have created thousands of jobs and helped America stay energy independent.
Biden at every turn has kneecapped the American energy industry, all in the name of the great climate crusade. He has directly impacted America's standing on the world stage for the sake of a fake crisis spurned up by Democrats. As he displays a desire to go that route, several OPEC+ nations have announced extending cuts of crude oil through the end of June.
FOX oil and gas expert Phil Flynn says this announcement of cuts is no surprise.
"We are signaling to U.S. energy producers we are increasing regulations and taxing them more...all of it is playing into their hands," he says. "They are playing the long game...they know they will control supply. So, in the short term, even if they lose market share, they would rather have more money."
In Saudi Arabia, Riyadh’s crude production will be approximately 9 million barrels per day until the end of June, with Russia trimming its production and exports by around 471,000 barrels a day. Iraq and the UAE are also doing similar cuts around 150,000 to 200,000 barrels a day.
All of this has its impact on gas prices, which we have already been seeing.
"We have seen prices go up...oil prices are knocking on the door of $80 a barrel...part of the issue has been OPEC," he says.
All of this is happening, conveniently, just as the Spring and Summer travel season upticks in America.
"You get run ups in gas prices around Easter...generally speaking, you add 10 to 15 cents a gallon on the summertime blend switchover," he says. "We could definitely see national averages poke near the $3.50 to $3.70 range this summer."
It will all be dependent on a key factor, though.
"If demand is better than people expect...and it could be...and because of how unstable the globe is right now, you are one disruption away from a big issue," he says.
In late January, the Saudi-controlled Aramco announced it was suspending plants to increase crude production capacity by a million barrels, pinning the decision on the green energy push.
Biden has recently touted all this record oil production, after completely draining the strategic reserves. But the damage is already done and could be for the foreseeable future.
"In the short term, they can use their tricks and tap into the strategic reserve...but the long-term investment is not happening...and they are demonizing anyone who does invest," he says. "That is going to cause problems down the road...and we could be paying the price for these policies for years."
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