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News came this weekend that Saudi Arabia is going to cut back on oil production. This will raise the price of gasoline almost immediately. With the cost of energy going up, this will continue to stoke the fires of inflation across the globe.
This would be a great time to have a Strategic Petroleum Reserve, wouldn’t it?
Except this administration, in an effort to blunt the effects their Climate Agenda has had on the United States in the lead up to what they thought would be a losing election season in 2022, decided to tap this reserve to temporarily bring down prices, and they’ve failed to resupply it– leaving it at the lowest levels since 1984.
According to inside media sources, Saudi Arabia was under the impression the Biden administration was going to begin refilling the U.S. Strategic Petroleum Reserve two months ago. However, the Biden administration made no efforts to do that. As a consequence, Saudi Arabia and OPEC+ which includes Russia, decided to cut production in line with diminished global energy needs as a result of a slower global economy.
Tucker Carlson Discusses Consequences of OPEC+ Cuts to Oil Production
