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Our Oil production is steadily increasing since the pandemic and is around a thousand barrels per day short of our peak of 13,000 in 2020. Demand has increased but it doesn't matter with this cut by our good friend Saudi Arabia, with friends like that who needs enemies. The price is set on the world market, US oil companies aren't going to sell oil at a discount to US consumers.
Saudi Arabia, like all other countries, are trying to recover from the pandemic.
They want oil at $100/barrel so they can recover.
I don't see the issue with that. The world does not exist to keep Americans happy.
How exactly did Biden lower oil production, production has been increasing since he took office.
He halted new drilling leases on Federal land as soon as he took office. We are paying for that now.
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Saudi Arabia is the one raising prices through their actions, how is that the presidents responsibility. Yes of course Saudi Arabia's cuts in production will elevate prices not just in the US, worldwide. No one is denying that fact.
Biden is weak when it comes to the Saudis. They basically humiliated him, cut production and raised prices.
Our aggressive actions have alienated Venezuela, Russia and Iran already. Now we seem to be losing all cooperation from Saudi Arabia. We are losing all worldwide competitive advantages we may have had. I don't mind us pulling troops from Saudi Arabia, although I am sure another nation or Saudi Arabia itself will fill the void.
There is no guarantee the petrodollar will be the currency of choice in the future. When the negative effects of a declining lifestyle are felt here at home, we may decide it is time to care again. I'm sure the oil producing nations are going to try to get the very most they can out of their finite resource. For the benefit of their citizenry that is what nations do.
Not anymore. Now we are cozying up to Venezuela and will lower sanctions because Biden wants their oil.
what have they missed....seems like the dems have hit everything they can to make things cost more...and people have less money
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