OPEC+'s October surprise

Unhappily for Democrats (and all Americans) OPEC+ is meeting this week and is reportedly set to cut oil production more than one million barrels per day in order to boost prices. If OPEC+ follows through on what the Wall Street Journal describes as its “most drastic reduction of production since the pandemic”, it will offset Biden’s SPR withdrawals and push oil prices higher.

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Here at home, rising oil and gasoline prices would fuel already-high inflation, forcing the Federal Reserve to press ahead with even more interest rate hikes, thus weakening our economy and our stock market.

The impact would be worldwide; in the EU, rising energy costs are thrusting the region into recession.

In short, OPEC’s decision could prove disastrous for the entire world, and for Joe Biden.

Why would OPEC+ plunge the world into even greater economic chaos? Simple: Russia wants more money to fuel its war with Ukraine and Saudi Arabia, the de facto head of OPEC+, is punishing Joe Biden.

(via Lucianne)

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