(DCWatchdog.com) – HAPPENING NOW: In a clear rebuke of his pleas for assistance, the Organization of the Petroleum Exporting Countries, better known as OPEC, is cutting production to the degree that Americans are all but sure to pay a higher price per gallon for gasoline at the pump.
As the Daily Caller lays it out in “OPEC Ignores Biden’s Pleas, Decides To Cut Oil Production“:
“OPEC+, which includes the 15 OPEC members and the consortium’s Russian-led allies, voted Wednesday to cut oil production by 2 million barrels per day even though the White House urged the group to pump more oil, according to Bloomberg.
“OPEC and its Russian-led allies will reduce crude oil production as they are concerned that oil demand will fall as the world enters a recession, Bloomberg reported. President Joe Biden’s senior officials have been attempting to pressure OPEC into voting against a production cut as the White House would consider this to be a ‘hostile act,’ CNN reported on Wednesday.” [emphasis added]
Why was Biden begging OPEC not to cut production?
“The administration was ‘panicking’ over OPEC’s potential to cut production as it is concerned that gas prices may continue to rise and hurt the Democrats’ chances in the November midterm elections, according to CNN.” [emphasis added]
Analysts tell the DC Watchdog that fear is real as oil and gas prices are almost certain to rise and that rise in costs will be passed on to American consumers.
THIS IS A BREAKING NEWS ITEM FROM THE DC WATCHDOG.
