White House skewered for begging for OPEC help
WTI crude oil is down 74-cents today in part due to a White House call for OPEC to boost production.
"We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices," National Security Adviser Jake Sullivan said in a statement released Wednesday morning. He said that current plans to slowly hike by 400k bpd are "simply not enough".
The tone-deafness is comical. Just over a year ago the US government was begging OPEC to cut production to save its domestic oil industry. Since Biden took over, he cancelled Keystone XL on his first day and introduced a handful of regulations that make it harder to drill.
Now they're begging for more Middle East oil?
Here are the API numbers from late yesterday:
- Crude -816K
- Gasoline -1114K
- Distillates +673K
- Crude -1271K
- Gasoline -1657K
- Distillates -472K