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Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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Biden: OPEC And Russia Must Pump More Oil To Help America's Working Class

  • Biden: The refusal of OPEC+ to increase crude oil production is affecting America's working class
  • Energy Secretary Jennifer Granholm blames OPEC+ for high crude prices

The refusal of OPEC+ to increase crude oil production is affecting America's working class, President Biden said at a news conference following the G20 meeting in Rome.

"I do think that the idea that Russia and Saudi Arabia and other major producers are not going to pump more oil so people can have gasoline to get to and from work, for example, is not, is not, right," Biden said as quoted by Russian TASS.

"It [OPEC+'s decision to keep a lid on output increases] has profound impact on working class families just to get back and forth to work," the U.S. President added, as quoted by NPR.

The comments made by the U.S. President were later the same day echoed more bluntly by Energy Secretary Jennifer Granholm, who directly blamed the OPEC cartel for keeping prices high.

"Gas prices, of course, are based on a global oil market. That oil market is controlled by a cartel. That cartel is Opec," Granholm told NBC's Meet the Press. "So that cartel has more say about what is going on."

At the same time, Granholm noted that the oil industry could not "flip a switch" for production as it recovers from the effects of the pandemic and this, too, contributed to higher prices resulting from the tight supply.

Even if factors influencing gas prices at the pump in the United States may be outside the country, the effects of price movements are already costing Biden approval among voters. According to NPR, his rating is well below 50 percent, with 70 percent of Americans believing the country is not going in the right direction.

Also at the news conference, the U.S. President said he was confident the country could meet his administration's goal of emission cuts, which is 50 percent from 2005 by 2030. Yet, the president acknowledged that the renewable shift cannot happen overnight.

"On the surface, it seems like an irony," Biden said, referring to his call on OPEC+ to add more oil production while heading for COP26 to discuss the reduction of global emissions. "But the truth of the matter is ... everyone knows that idea that we're going to be able to move to renewable energy overnight ... it's just not rational."

By Irina Slav for Oilprice.com

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Leave a comment
  • Scott on November 01 2021 said:
    Biden and his cohorts need to let us produce oil and gas here in the USA !! We have and can do it, all they have to do is loosen the reigns and let us do what we do best, but that means they don’t have control and they can’t have that. Let’s just ask for help outside the USA where they don’t care about anything! Other that making there bank accounts grow as ours dwindle. They are laughing at us ! And we do have the reserves here and the capability to be on top !!!!!!!
  • willietite on November 01 2021 said:
    Most people in the U.S. will agree with the Biden Administrations goal on Climate Control. And let's face it, it's a global issue and must be dealt with as a Global problem.
    What he seems not to realize or neglects is the fact that his country has the oil and natural gas to largely sate our appetite for both products and how to use them to our economic advantage. Yes, we still need imports, but ut we have enough to keep these at minimum and allow prices to be at equilibrium between production companies and consumers.
  • Daniel Kinsley on November 01 2021 said:
    What? How about stop the regulating powers that stifling any exploration in the U.S? You know, the country he claims to represent?! This administration cannot blame any U.S. shortages on foreign nations. The blame sits squarely on them!
  • George Doolittle on November 01 2021 said:
    Quebec is flooding the Northeast with every aggregate product imaginable at the moment.

    And refined too.
    Presumably this includes a stupendous amount of battery grade lithium which explains the soaring value of Tesla which apparently is on the cusp of being the best seller of "electrons" ever in Human History.
  • Kris Poole on November 01 2021 said:
    For high energy prices in USA the only guilty party is the Biden administration, and wannabe president Biden. These people have an audacity to blame OPEC+ and in particular Russia, and Saudi Arabia, while at the same time trying to kill the American energy companies. They have already killed the Keystone pipeline, and are trying to kill, or stifle any new pipelines and energy projects on the mainland USA, or offshore. To same degree I could understand, that Joe Biden does not comprehend his actions, because nothing he does, or he did over the last 10 months make any sense. Because of his old age, and dementia. But his cabinet, and the so called Energy Secretary are fully aware of the damage they have done, and the chaos they have created. However, most of the American already people know, that this chaos and this incompetence is all purely by design. Joe, please save us from this nonsense of blaming others for America's problem. The solutions to America problems are in America. The former President Trump administration had it all solved. But the new Biden admin whatever they touch, they ruin it all. Don't fix it Joe, when it ain't broken.
  • knut Nordbo on November 04 2021 said:
    Must be tragic President you from the United States have who come up with such proposals

    Will simply call him weak to almost have to believe if he is from the United States?

    Has perceived that the United States is a strong people and a smart genius, but Mr.Biden does not belong there
  • Doug Foley on November 23 2021 said:
    Lots of oil and gas in Canada, but it would seem America would rather be on its knees to its enemies.

Leave a comment




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