U.S. calls on OPEC and its allies to pump more oil (Good read)

[applegrove]

U.S. calls on OPEC and its allies to pump more oil

By Trevor Hunnicutt and Jeff Mason at Reuters

https://www.reuters.com/world/middle-east/us-call-opec-its-allies-increase-oil-production-cnbc-2021-08-11/?utm_source=reddit.com

"SNIP.....

Aug 11 (Reuters) - U.S. President Joe Biden's administration on Wednesday urged OPEC and its allies to boost oil output to tackle rising gasoline prices that they see as a threat to the global economic recovery.

The request reflects the White House's willingness to engage major world oil producers for more supply to help industry and consumers, even as it seeks the mantle of global leadership in the fight against climate change and discourages drilling at home.

Biden's national security adviser Jake Sullivan criticized big drilling nations, including Saudi Arabia, for what he said were insufficient crude production levels in the aftermath of the global COVID-19 pandemic.

"At a critical moment in the global recovery, this is simply not enough," Sullivan said in a statement.

.....SNIP"

[applegrove]

1. Give Biden a break.

[Victor_c3]

2. I don't think you even need to tell them to

Just up the credits and incentives for solar panels on private homes and electric cars. Make renewable energy cheaper than oil and OPEC will be forced to lower prices in an effort to remain relevant.

Once a piece of renewable energy infrastructure is built, it’s there essentially for decades and that slice of oil revenue is gone from OPEC forever.

[applegrove]

3. OPEC may like the other guy. They may be sabotaging the recovery.

The other guy sure did corrupt the world by showing an option that was not for human rights or democracies around the world. What non democratic OPEC nation would not miss General Pliable.

[NickB79]

4. Fight climate change, or have cheap gas. Pick one

You can't have both. Cheap gas kills EV sales and pumps up truck sales.

And the IPCC report just out is stunning in how deeply fucked we are.