https://www.realclearpolitics.com/articles/2022/10/07/turns_out_bidens_empowering_of_opec_was_a_really_bad_ide
If the average price of a gallon of gas falls by a penny, White House Chief of Staff Ron Klain will take to Twitter and credit the Biden administration. In the last few months, due to lower demand and other factors, consumers have experienced a reprieve from historic highs. Press secretary Karine Jean-Pierre points out this is “the fastest decline in gas prices in over a decade,” which is like bragging about losing a couple of pounds after packing on 20.
Officials haven’t had much to say lately. That trend is likely to continue. Today, the OPEC+ cartel announced it’s going to cut production by 2 million barrels a day. This, even after the Biden administration engaged in a “full-scale pressure campaign,” according to CNN, to dissuade our alleged allies in the Middle East to change their minds.
As a presidential candidate, Biden called Saudi Arabia a “pariah” state. Soon after the election, like all his predecessors, Biden traveled to the kingdom to kiss the ring. And still, he gets nothing. The oft-repeated claim that Biden is a savvy, highly respected foreign policy operator has been relentlessly debunked by reality.
Biden wagered that he could placate his left wing, curbing fossil fuel production while also holding prices in check by pressuring the Saudis and emptying the U.S. strategic reserve, now at a 40-year low. It was a bad bet.
Biden can’t control prices, but he could have mitigated the problem consumers now face had he not disincentivized domestic fossil fuel production and refinery capacity. Remember that on Biden’s first day at work, he revoked permits to build the Keystone XL, a 1,179-mile pipeline that was going to carry approximately 800,000 barrels of oil a day into the United States that was slated to be completed in a few months. Seems like the kind of infrastructure that might be quite helpful.
Days later, Biden signed a batch of executive orders halting any new oil and natural gas leases on all public lands. The administration has issued fewer oil leases than any president since the Second World War.
It’s unsurprising, considering the stated policy goal of his party has been to create fossil-fuel scarcity by “transitioning” — subsidizing, mandating and diverting capital — to unreliable and expensive “clean energy” projects. Democrats’ promises and rhetoric are also baked into the price. Even if Biden loosened regulations today, why would nefarious profit-hungry shareholders of the oil industry plow billions into long-term projects when Democrats promise to destroy their business in the not very distant future?