Europe's Pain Is Coming To The U.s.

Discussion in 'Energy & Fuel' started by Don Alaska, Oct 5, 2022.

  1. Don Alaska

    Don Alaska Supreme Member
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    Today OPEC announced a cut in oil production by 2 million barrels a day, reportedly about 20% of global oil production, in support of Russia in its fight with the West. This will cause a massive rise in oil prices, a big increase in oil revenues to the OPEC nations and other oil exporting countries. The original proposal was a 10% cut but OPEC decided to push the envelope and make a 20% cut. If we were still energy independent, as we were when Biden took office, this would not impact us much, but since the pipelines and oil drilling were shut down on his first day in office, life is going to get hard for us throughout the West except perhaps Canada. Our strategic oil reserves that were filled with cheap oil under Trump were depleted by Biden to satisfy his obligations to China and in an attempt to keep pump prices low until the election. Biden--or whoever is calling the shots--miscalculated and we have almost run our reserves out. Life will be hard in the coming winter, both for the supply chain, as trucks and trains run on diesel, and for those who drive to commute or for a living such as taxis, buses, and such. Buckle up everyone. OPEC has sided with Russia against the U.S. and Europe.
     
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    John Houlihan and John Brunner like this.

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