The Biden administration has attempted to get Saudi Arabia and OPEC+ to postpone oil cuts until after the midterm elections, according to a release by the Kingdom of Saudi Arabia.
On Tuesday, Joe Biden told CNN’s Jake Tapper that there would be “serious consequences” for Saudi Arabia “for what they’ve done with Russia” – referring to the reduction in oil production announced earlier in the week.
The Kingdom of Saudi Arabia released a statement the next day, saying the Biden administration had tried to postpone their oil production cuts until after the midterm elections.
The fifth paragraph reads, “…the Government of the Kingdom clarified through its continuous consultation with US Administration that all economic analyses indicate that postponing the OPEC+ decision for a month, according to what has been suggested, would have had negative economic consequences.”
Saudi Crown Prince Mohammed bin Salman personally ordered the cuts after meeting with Biden over the summer. According to Breitbart reporting:
“Most reports citing White House insiders indicated that the objective of the Biden visit was to convince Saudi leaders to increase oil supplies in order to lower prices. Biden himself, in a Washington Post article, denied that this was the case, but did not identify any other concrete objectives. Biden has refused to contemplate the possibility of increasing American oil production to drop prices.”Breitbart, Oct. 12, 2022
In the United States, gasoline prices are highly correlated with oil prices, meaning all indicators point to increasing prices until election day in November. The Biden administration has attempted to temper this rise by releasing 10 million more barrels from the Strategic Petroleum Reserve (SPR).
Rogue Review reported on falling inventories in the SPR in July. Some experts even warned gas prices could hit $10 per gallon by midterms. With 26 days until the midterms at the time of this writing, it is unlikely to reach these spectacular levels – but Americans could still feel visceral pain at the pump by early November.
Biden’s use of the SPR is a method to artificially keep gas prices down, while refusing to increase American oil production. Fox News host Tucker Carlson even called for the impeachment of Joe Biden over sending emergency oil reserves to China during a time of rising prices and inflation.