News/Commentary

US Oil & Gas taunt Biden who has only ‘one option’ left: ‘Life comes at you pretty fast…’

October 6, 2022 | | Print Article

Now that OPEC has rejected U.S. President Joe Biden’s request that they not cut oil production and the president has therefore been humiliated on the world stage, domestic energy producers here in the U.S. are getting their revenge.

After months of being targeted by his regulatory policies, they’re now getting their revenge by mocking the president and also reminding him that the only true solution to high gas prices is for him to stop hating on domestic energy production.

One reminder came via the U.S. Oil & Gas Association production, which posted the following brutal tweet Wednesday morning:

“OPEC says no, SPR options all but gone… The WH has one option left and it is the one option they should have never turned away from in the first place – the US based oil and gas industry. Life comes at you pretty fast….,” the association wrote.

SPR is short for the Strategic Petroleum Reserve, which thanks to the president’s meddling has reached a record low.

Desperate to keep gas prices artificially low prior to the midterm elections, the president has been siphoning gas from the reserve despite the reserve having been designed for emergencies.

High gas prices are frustrating, but they’re certainly no emergency.

Biden has emptied the SPR instead of promoting domestic energy production, which again is the one and only true solution to the current crisis.

Speaking of which, another reminder of this fact came from the American Petroleum Institute, which tweeted the following Wednesday as well:

The API also released an official statement from institute president and CEO Mike Sommers.

“The solution to meeting demand for affordable, reliable energy is right here in the United States. We face a growing energy crisis driven by geopolitical instability and U.S. policymakers should be doing everything in their power to produce more energy here in America, not urging foreign regimes for more oil,” Sommers said.

“We urge the administration to adopt sound public policy that enables American energy to benefit Americans and serve as a stabilizing force in global markets,” he added.

Sadly, the president simply won’t do it — that’s how committed he is to his widely panned “green” agenda.

Indeed, instead of boosting domestic production, he’s already making more overtures to dictators — this time the dictator specifically in Venezuela.

“The Biden administration is preparing to scale down sanctions on Venezuela’s authoritarian regime to allow Chevron Corp. to resume pumping oil there, paving the way for a potential reopening of U.S. and European markets to oil exports from Venezuela,” according to The Wall Street Journal.

Meanwhile, the president is reportedly gearing up to double down on his attacks on domestic energy production.

“White House officials have asked the US Energy Department to analyze the possible impacts of a ban on exports of gasoline, diesel and other refined petroleum products, an indication that the controversial idea is gaining traction in some parts of the Biden administration,” according to Bloomberg.

“The request follows a tense meeting between top administration officials and oil industry executives and comes amid growing concern that high gasoline prices pose a political threat to Democrats in the November elections, according to people familiar with the discussions.”

Notice how the reasoning for this potential move comes back to politics once again.

U.S. energy producers are reportedly not pleased by this potential move. Last week Exxon CEO Darren Woods penned a letter to the administration warning that their proposed solution would only exacerbate the current crisis.

“Continuing current Gulf Coast exports is essential to efficiently rebalance markets—particularly with diverted Russian supplies. Reducing global supply by limiting U.S. exports to build region-specific inventory will only aggravate the global supply shortfall,” according to the Journal.

How did this administration respond? By releasing a statement complaining about the company’s profits.

“This week’s letter from a company that made nearly $200M in profit every single day last quarter, misreads the moment we are in. The fact is this: Energy companies are making record profits, with refiners and retailers also posting margins that are well above average — while passing the costs on to consumers,” Energy Secretary Jennifer Granholm said in a statement.

“This is a time for American energy companies to take action to lower prices for consumers and to rebuild inventories of gasoline and diesel in this country that are below the five-year range.”

This administration just doesn’t get it, and it appears no amount of intelligent lecturing or light mocking will ever change their minds …

Vivek Saxena
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