— had come on the eve of U.S. midterm elections in which soaring prices were a major issue. President Joe Biden vowed at the time that there would be “consequences” and Democratic lawmakers called for freezing cooperation with the Saudis.
Both the U.S. and Saudi Arabia denied any political motives in the dispute, with each saying it was focused on maintaining a healthy market price. Since those cuts, oil prices have actually trended down. Brent crude, a global benchmark, was trading at around $80 a barrel at the end of last week, down from around $95 a barrel in early October, when the earlier cuts were agreed.
Kristian Coates Ulrichsen, a Gulf expert at Rice University’s Baker Institute for Public Policy, said the Saudis are determined to keep oil prices high enough to fund a raft of ambitious mega-projects linked to Crown Prince Mohammed bin Salman’s“This domestic interest takes precedence in Saudi decision-making over relationships with international partners and is likely to remain a point of friction in U.S.
There is a huge demand for Supply of Clean Energy Sources,which will be encouraged by the reduction in oil production by OPEC, Countries. There is an absolute need of research towards green Energy,by all research institutions,to lead the world away from Fossil Fuels, save Earth
Brandon blames Putin in 3, 2...
One good thing about higher gas prices is all the people with brodozers and SUVs will be paying what they should for driving a wasteful guzzler just for the status. Meanwhile I'm just smiling because my car gets 40mpg
BryanPassifiume ugh ..just plug in rest of grids around world
Thanks Joe Biden.
Looks like Kushner/Trump's largest financing partners are mad at the United States for indicting their plug.
No entiendo ese recorte.. claro yo no sé las traquimañas de los Árabes q en cuanto a $$ no creen q el muerto sale, pero siempre las dos de parte por el lado mas débil… nosotros los consumidores
I think they are called opec
To hell with you! Hope your countries burn up with those fuel.... Greed!!!!
I've noticed that this happens year after year just in time for summer travel/ family vacation. Someone should investigate how our politician's close ties with the Saudis enriches THEIR pockets while screwing the American consumer. What do they get in the way of kickbacks?
And all the democrats will blame Trump and not the sitting president. 3 2 1
We will be fine. Remember gas was over $4 during the Bush administration. We continued to live. Stop sweating, they stir the pot to get you wired up and distracted. You want to fight back, stop driving (except to work and the grocery store). You see what 2020 did.
Ah yes, another move to screw the poor
Malbrunot Boycottons le tourisme dans ces pays
SA needs the extra cash to help build the ego project NEOM
This is about market not politics. The US has been printing trillions of dollars and expecting the rest of the world to share the inflation it creates. Poor fiduciary management in the US is causing this.
Looks like we need to focus on an alternative
Surprise? This has been predicated since last July.
Rjohnching7 Why are they doing this? For what? Higher income? Or they just want the world goes chaotic. 🥲🥲🥲 They just want to kill the Economy of AMERICA and other other dependent to America
Thanks Joey 🖕🖕🖕🖕
It’s because the USA is undercutting Russian Oil Prices as we pay for it at home.
I suppose maga red america will blame biden for the Saudi plan and won't think that their buddy ex-president had anything to do with it to help in the 24 election. Very coincidental, the timing.
RitaPanahi Tightening the noose on an already impotent USA.
The Saudis Happy to reduce oil for climate safety. 😏🇸🇦
We should have been off of fossil fuel 30 years ago.
kriswernowsky Ok ok - we’ll watch LIV golf…geez….🙄
All the more reason to shift to renewables, so we're no longer at the mercy of these oil producers.
Saudi's really suck
Is Jared’s hand in that pot?
RitaPanahi
Time to end reliance on oil imports and switch to electric
Governments need to ramp up and promote Greener sources of energy that will have a permanent effect. Take that !!
Does anyone know if the US has topped off its strategic petroleum reserves?
Quite interesting that people can’t make the connection that every time we double down on oil we help the iranians, the Russians, the saudis, the maduro regime in Venezuela that props up Cuba and even Mexico’s socialist demagogue AMLO. It is in our benefit to see that cartel fade
Here we go...
Thanks to Biden, we will all pay MUCH more
Why?
This move shows the power that Saudi Arabia still wields over the global oil market. It will be interesting to see how other producers respond and whether these cuts will be enough to buoy prices.
They should be on the Terrorist list!
I did that!
روح نام
So does this mean gas prices are gonna be sky high again?
Greedy.
This is the whole idea for renewables. The price of electricity will increase to meet the price of oil.
Everything is connected
friedberg how concerning is this? What can the fed do? How can startups address this?
At least we have Trans Visibility Day!!!
All the more reason to push research on alternative, efficient, consumer-friendly ways to power the world without Saudi Arabian blackmail
Remember folks: you can elect people who will food this country with oil.
You’re “surprised”? When are u gonna realize we literally are at war ? Lol and the US is a HUGE target Duhhhhhhhh
I don’t care I am a multi millionaire and so what of some poor people struggle to cope just keep them away from my country club. 🤦🏻🤦🏻🤦🏻🤦🏻🤦🏻 we need a stable reasonable oil price and a real global commit to switch away from oil asap
Damn $4.59 gallon gas here we come! 👍🏽😒
Sounds like Qatar will sell more oil then
Great time to buy oil stocks!
LucasFoxNews ccp is moving to fight the war on oil and challenge the petro dollar.
If you needed just one more reason to go electric this is it! Don't be a sucker to cartel.
This is what happens when The Mickey Mouse Club runs the White House. We are at the mercy of other countries due to our inept leadership and lack of backbone. Hopefully every time we fill up for gas we get a little bottle of KY to make it a little less painful.
How much cost you to buy a small 250 ml of Perfume battle? Only to smell good and remember that will not operates your car or factories. you are only hypocrite media.
Lol it's an election time even though it's 18 months away they are going to sabotage the American oil industry and try to interfere with our elections by manipulating gas prices and our economy
Another reason to hate those murdering saudis.
Yea let’s blame Biden for forcing Saudi’s Arabia 🤡
LucasFoxNews Pay back time for Biden
LucasFoxNews They must have a lot of Supply that needs to be sold & they're aware that the reserves the Administration has drained it. A New President automatically puts pressure on OPEC when that day goes back to US Oil Production number 1 while still going greenER. Also helps Vlad sell Oil
They’re about to ARTIFICIALLY DRIVE-UP the PRICES
Oh, so goes inflation.
billpostmus Too bad we no longer have a say in the matter, thanks to Brandon.
Feels like a reverse sanction to me. Some people are getting a taste of their own medicine
Global economics is not simple. not as specific to GOP/DEM. Many moving parts. some comments focus on blaming 1 person. Based on Saudi news: Its to potentially prevent instability. Of course Gov’t, its all about elections. not long term.
Maybe we should become energy independent again.
Thanks Joe Biden for putting our reliance back on these people
I would be less worried over the price at the pump and more concerned about the Russian oil price giving a boost to finance their war in Ukraine.
Fuck yeah. End oil dependance.
Besides the fact that Americans were warned almost half a century ago of dangers of energy dependence & climate change as result of fossil fuels but resisted transitioning, now the 'my enemy's enemy is my friend' crowd is forming their Eastern Axis.
🖕🏼🖕🏼🖕🏼
We should stop selling them any Military equipment
Pushing the movement toward alternative energy forward, unintentionally.
KellySuzanne9 Hey Joe Biden thanks for shutting down that pipeline!
Didn’t we want the world to go green?
Thanks Joe!
Of course they are
More reason to produce our own energy and fossil fuels resources !
POTUS all on u Joe all in you..u destroyed this ctrys energy independence now do you have the courage to correct it Million dollar question do u even know what is happening CNN MSNBC azfamily ABC CBSNews
Saudis want to finish what they started on 9/11.
Another example how feckless Biden is. Outlets like AP who pumped up this loser are partially responsible. DT was the opposite. Knew how to get the Saudis do what he needed for the country.
The amount of PURPOSEFUL DESTRUCTION this country has faced in the last roughly two years is immense.
Too bad we’re not energy independent anymore! Enjoy it, libs
Trump’s friends are really mad at us right now..
3…2….1…..Que the left, “it’s Trumps fault”
Now if only our own oil production companies would increase production to deter higher prices…
But hey.. trans visibility, right?
We need to get off oil anyways. Don’t give them our money. We don’t need them.
Gotta help get Trump or DeSantis in office somehow
Biden will be lucky to crack top 40 presidents at this rate. Trump might be creeping into the top 10 with hindsight
The US desperately needs to end it's dependence on oil
Talk about helping Russia - can they be more blatant! Just gives him more oil revenues to prolong the Ukraine invasion.
Is someone over there supporting Trump? Why now all of a sudden.
By increasing the price of oil they are defenitly helping Russia as they will benefit the most from the cost increase.
RoccoNY1 The Saudis are doing this for political reasons and $$$!! 🤬🤬
No way to refill our strategic petroleum reserve inexpensively now. War with China is coming and their new allies are setting the stage for China to win.
What’s actually shocking is they didn’t try and do it in an election year like before
They can keep their oil and swim in it $TSLA
That’s an insignificant cut.
GET READY PEOPLE!!!! Biden Regime WW3 will happen fast! It's going to get alot worse!
Raising interest rates cannot control the level of energy prices when there is a manipulated, monopolistic market.
Hopefully all Americans realize SA is no ally. They will need America again someday, we should rmbr this. They are free to set prices as they see fit - we are free to acknowledge that.
Let’s continue to move off oil as a fuel source.
Gee, if there was only a way to be energy independent
RitaPanahi
_belle_curve_ Seems a LOT of countries believe we're on the verge of imploding and they're collectively working to hasten that outcome.
Thanks to green weeny liberals.
RitaPanahi
Time for our useless president to get off his ass and declare it is Drill baby drill time and unleash the power of American energy But we all know he won’t as he is he’ll bent on destroying this country!
Saudis: We are cutting oil output, which is going to drive up gas prices. Conservatives: LOOK WHAT BIDEN HAS DONE!
Ban travel to Saudi..
I’m all for this, keeps me working
Glad Ive walked in the city for 25 years......lol
What does this have to do with chocolate chip ice cream? Asking for JB
A certain persons business partner named Kushner. Hmm Kushner Firm Got Hundreds of Millions From 2 Persian Gulf Nations
RitaPanahi Maybe POTUS and a delegation of trans people can go over and save the USA from higher oil/gasoline prices! Save us glorious leader!
Good. Maybe we'll be forced to use less of that shit.
The world is too reliant on their s**t.
Reaction to Trump’s indictment.
WmAG_V The comments show America has an education problem. Apparently, America was “energy independent” two years ago, but that changed immediately when Biden became President. Also, gas prices were at record lows two years ago, but it’s only because of our energy independence.
The reason the United States is no longer energy independent is Joe Biden & the Democrats. They will be responsible for the rise in gasoline and energy prices. All other inflation that's related to energy. Bidenflation
This decision aims to stabilize the markets and has nothing to do with politics
Another reason why I love my EV and solar panels.
Remember every instinct Joe Biden has is wrong. He is George Constanza.
Trump was right again.
A great way for them to interfere with elections.
This is why we shouldn’t rely on foreign oil. If we could only go green without the backlash. They say it’s too expensive but how much $$$ will we save in the long run? These storms/tornadoes/hurricanes/flooding/droughts are costly.
Thank you President Biden for making us more dependent on Mid East oil. Awesome decision making once again - we should feel the impacts this summer.
When are we going to wise up? We should be the ones that control world oil prices. al we have to do is turn on the US Oil Spigot!
Consequences of no leadership in the White House.
I said in January gas would be back to $5 gallon
As an Albertan I feel this is so sad.
Just in time for the 2024 Election. Lock Jared up!!!!
That’s not a good news!
BryanPassifiume Thank you Biden and Trudeau for your part in making us dependent on others to provide what is readily available in North America. You being woke = citizens being broke.
We are fucked
JEROD KUSHNER
They really want a republican in the White House so they can capitulate to these terrorist states
And this is (mostly) after cold weather season - ?
This is one major reason why the US must get off fossil fuel and invest heavily into alternative energy.
The USA needs to pump more oil to make up for the reduction.
When the globe is already stroll reeling from Putin wars and lingering pandemic effects, they want to usher in right wing politics in America. This is about hurting Biden. We need price controls. Gasoline is a utility and deserve such regulation.
Fine, I’ll watch the livgolf_league
Because they need extra money for … oh, loans to Jared
AineNicOisin Fuck this ,it is war and maybe against our true enemy .. (crusade 4) keep the west warm .A rabs away now :-)
What a shock../s. The foreseen result of the Biden's handlers relinquishing power over oil commodity prices by purposefully strangling US production. When Leftists tell you 'presidents can't control gas prices', that's utter ignorance of economics and power. BananaRepublic
RitaPanahi Great job, Joe!
RitaPanahi Don’t cry about it. Elections have consequences. Enjoy! 😁
Time to promote and use other sources of energy
RitaPanahi If only the US was gas self sufficient
Today in 'so you your dollar wasn't stretching enough BEFORE...'
They gotta pay for Kushner and LIV golf somehow
If only the U.S. had competent leadership and was energy independent.
They're really doing whatever it takes to make the Biden administration look bad...
OK GOP 👍
More EV
Let’s just cut weapon sales to the Saudis
Lucky for me I have a Tesla 💪
And Biden will do nothing.
If only there was a way the US could be oil independent, with record low prices, like we were 2 years ago? 🤔
Blame Biden?
Putin's oil is going to $30 soon
Drill. Baby. Drill.
elonmusk what's your take?
It’s over $3.25 in Texas (Ellis County). Imagine if we would have never sold our country’s and continent’s largest oil refinery to Saudi Arabia in 2017…
When the US was energy independent we didnt worry about other countries oil production,That was just 4 yrs ago and now look. JoeBiden will have to bow to Russia and Saudi Arabia to beg for cheaper oil.
buildbackbetter
Biden foreign policy strikes again
no_itsmyturn And Biden will be blamed
Biden must be dancing for joy, he doesn’t care what we pay if it forces his will
Souch for JoeBiden using up the strategic coil reserves (that Barak Hussein depleted and Trump refilled) and planning on refilling them when oil goes cheap.
Too bad that domestic oil is such a horrible thing 🙄
Considering how this will be wrongly portrayed as a failure of the Biden admin, it's almost like they want to stack the deck in favor of their investments in GOP politicians 🤔
Biden inherited a very strong US-Saudi relationship. He sank it in record time
gladstein
The green New Deal is sounding pretty good right now as what these countries are deciding is they want to hold the hold Planet hostage due to it's win championships the planets inability to realize that oil and gasoline aren't needed
World is running out of Oil . What are they going to do for money when their liquid cash runs out ?
2024 election coming up and the Saudis want to manipulate the outcome.
Right in time for the summer driving season.
This is entirely on Biden and his complete failure to secure American oil interests while allowing China to snake their way in. Fuel is already wayyyy too expensive as it is and that inflation thing Biden also seems to like to ignore is going to get worse again. Biden failed.
'democratic' countries in response would invest in clean alternatives to make up for this instead of the continued outrageous increases in military funding. 800 bases around the world to police the entire planet and yet we're barely surviving from housing, food, and energy costs.
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