Liberty Nation News | by Andrew Moran | November 8, 2021
President Joe Biden is desperate to ease intensifying inflation pressures in the United States today.
He is employing every conceivable measure possible by turning over each rock, spending and printing trillions of dollars, and engaging in good old-fashioned hypocrisy, hoping nobody in the climate change cult notices. After the U.S. finally achieved energy independence under the previous administration, Biden is now relying on foreign oil and the world’s largest crude cartel to keep the automobile tanks full and the lights on back home. But oil-producing markets in the Middle East are exacting revenge on America for feasting on their market share and bringing them to their knees.
OPEC To Biden Again: Sorry, No Deal
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC+, recently held their monthly ministerial meeting. The 13-member cartel agreed to keep its output plan of 400,000 barrels per day (bpd) intact and eventually phase out the remaining production cuts that were installed in response to the coronavirus pandemic.
OPEC refused to budge on the number, citing concerns about another wave of COVID-19 that would threaten demand. Whether this is a legitimate excuse or not, it is unclear what price and consumption levels would be needed for OPEC nations to increase production significantly.
Read full article: OPEC Embarrasses Biden Again – Liberty Nation