OPEC+ Agrees To Biggest Oil Production Cut Since Start Of Pandemic

The 2 Million barrels per day cut, by the Russia-led allies, will likely push up already high prices, and generate the cash Russia needs to continue its war.

This could undermine the G7 group's plan to cap the price of Russian oil.

Know thy enemy, and to those who have been asleep, with no understanding of global markets, the answer is not for the US to continue betting the future on oil, but to put the pedal to the metal, in search of a faster transition to renewable energy.

Let them drink their oil.

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PTCdresser57 · 61-69, M

I read that President Biden is considering pushing for no exports out of US. Would help lower prices

Northwest · M

@PTCdresser57 We are a capitalist society, I don't know if our laws allow something like this. The other problem, is that if we artificially drive prices down, the knuckle draggers are simply going to blow more gas on their big trucks.

If price controls can work in a limited fashion, as in: trucking companies can get a better price, then that would help.

PTCdresser57 · 61-69, M

Agreed Northwest...I was talking with an investment expert a couple weeks ago and he was saying that "we" meaning consumers... are part of the problem with inflation. If we would slow our consuming down inflationary prices would come down. But like he said...no one wants to hear that they are part of the problem.

Northwest · M

@PTCdresser57 We have very short term memories...

PTCdresser57 · 61-69, M

Yep Northwest...ADD???...lol

Ynotisay · M

@PTCdresser57 There's some Democrats in Congress pushing for that but he hasn't come out with anything on it yet. What the WH is doing is trying to convince OPEC to not make the move. But with the push to ban you've get Big Oil and the financial market pushing back. It's almost a no-win situation. Presidents don't control pricing and they don't control OPEC. This is a global thing. I just wish more in the U.S. took the time to see what other nations pay at the pump. We're doing very well in comparison.

PTCdresser57 · 61-69, M

I agree Ynotisay.

Northwest · M

@Ynotisay OPEC already decided, they met on Wednesday in Vienna and the decision is made.

I just wish more in the U.S. took the time to see what other nations pay at the pump. We're doing very well in comparison.

Over the summer, I was paying $9+ per gallon in Europe. People over there, drive smaller, more energy efficient cars.

Northwest · M

@PTCdresser57 Worse. Car makers are complicit. If you look at the trends, since the late 70s, you will see the cycles of cheap gas, followed by higher SUV production, then followed by smaller cars when gas is higher. When do we learn? I mean some of us learned, but...