OPEC+ production cuts are likely to push up gasoline prices for US consumers.
Congressional lawmakers criticized the United States’ continued reliance on foreign energy on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC+) agreed to cut oil production.
Republican lawmakers said the OPEC+ decision would only raise energy and gasoline prices for American workers.
“Therein lies the danger of relying on our adversaries for energy,” said Rep. Markwein Mullin, R-Okla. “Americans will feel the consequences of this decision when they see gas station prices rise.”
“We need to unleash American energy production,” said Rep. Billy Long, R-Mo. “It’s ridiculous that we rely on foreign powers for oil when less than two years ago we were a net energy exporter.”
OIL AND GAS PRICES INCREASE BEFORE KEY OPEC+ MEETING
“OPEC+ is taking advantage of President Biden’s reliance on foreign oil and supply cuts, which will drive up the prices Louisiana residents pay,” added Sen. John F. Kennedy, R-La. “It’s as simple and sad as it is.”
Republican Research Committee Chairman Jim Banks agreed that while many are worried about OPEC+, domestic oil production has fallen under Biden.
“U.S. oil production is down 1.2 million barrels a day since it peaked under President Trump,” said Banks, R-Ind. “Biden must stop his war on American energy.”
“President Biden has begged foreign dictators to increase oil production, and they have refused him,” said Senator John Barrasso of Wyoming, the top Republican on the Senate Energy Committee. “Now the Democrats are struggling to deal with the energy crisis that their extreme policies helped create.”
Democrats pointed to the decision as further evidence that the US should stop relying on foreign oil companies and use clean energy.
“This OPEC+ statement should serve as a reminder to all of us that America’s true energy independence comes from clean energy,” said Senate Environment Committee Chairman Tom Carper, a member of the Democratic Party.
“The sooner we decarbonize our economy, the sooner we won’t have to worry about it,” said Rep. Sean Kasten, D-Ill. “In the meantime, keep the obvious in mind: the people who sell oil want to sell at the highest possible price. This is true for both domestic and foreign manufacturers.”
Not every Democrat has called for phasing out fossil fuels. Senate Energy Committee Chairman Joe Manchin said the OPEC+ decision was another reason to increase domestic production.
“We are blessed with an abundance of domestic energy resources that we can produce cleaner than anywhere else in the world, and because of this, we have the opportunity to ensure energy independence and security for ourselves and our allies,” said Manchin, DW.Va. .
On Wednesday, OPEC+ announced a cut in oil production by two million barrels per day. The decision came after the White House urged leading OPEC+ members such as Saudi Arabia not to make drastic production cuts or raise energy prices for American consumers.
“The President is disappointed with the short-sighted decision of OPEC + to cut production quotas, while the global economy is facing the continued negative impact of Putin’s invasion of Ukraine,” the White House said in a statement. “At a time when maintaining global energy supplies is paramount, this decision will have the most negative impact on low- and middle-income countries that are already suffering from higher energy prices.”
Earlier this year, oil prices fell from $120 to $90 per barrel due to fears of an economic downturn as a result of higher interest rates.
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Since then, OPEC+ has steadily cut production in an attempt to drive up the price of oil on the global market. Rising oil prices are likely to affect gas station prices as gasoline is made from oil.
Credit: www.foxbusiness.com /