RE:RE:RE:US request for OPEC+ to raise production smacks of hypocrisyChad123 wrote: Experienced wrote: In today's world a politician not engaged in hypocrisy has no hope of getting elected. The great he hypocrisy the higher the office to which they aspire.
The curious thing about this is politicians speaking with a forked tongue.
Biden wants the US to move to renewables and use less oil. The easiest way for this to happen is for oil prices to be high to reduce demand and to make renewables more price attractive. Instead he is calling on more oil supply to reduce the price of oil.
Why is he doing this?
Simple. Higher oil prices spell higher inflation and that will reduce votes.
Bang on!
Every US president will start to get nervous when average price of gas hits $3 and above. So what'd they do? They make the call (threaten OPEC quietly, mostly SA), while pretending to be nice about it. How many times did Trump openly tweet to the Saudis to produce more. Every time oil reached above 65?
After all, billions are taken out of the economy with just a few pennies more for gas.
Yep....many past US Pesidents have done this...Republican and Democrat. The big difference now is that Biden's policies are designed to reduce US oil production which will increase the US dependency on imports from Canada and the Middle East.
The good news for SU investors is that the oil price is likely to stay high as well as demand for Cdn oil.