Saudi Arabia Confirms That Biden Pressured OPEC to Delay Oil Production Cuts Until November

Saudi Arabia’s foreign ministry issued a rare statement Wednesday confirming that the Biden administration pressured OPEC+ to delay oil production cuts until November.

The OPEC+ oil cartel, which includes Russia, slashed production by two million barrels per day (bpd) on Oct. 5 prompting the White House to threaten consequences for Saudi Arabia due to the ensuing jump in gas prices. The Saudi Foreign ministry responded on Oct. 12 with a lengthy defense of the decision, resisting pressure amid discussions with the U.S. to delay a decision until November, when it might be too late for the price hike to affect midterm election prospects, according to The Associated Press.

Read More

TN-5 GOP Nominee Andy Ogles on Inflation, OPEC, and Energy Independence

Wednesday morning on The Tennessee Star Report, host Leahy welcomed Tennessee’s Fifth Congressional GOP Nominee Andy Ogles in studio to discuss inflation, OPEC, and the need for America to produce its own energy.

Read More

Tennessee Gas Prices Rising Rapidly

Tennessee’s gas prices are once again on the rise after Saudi Arabia and its allies in the Organization of the Petroleum Exporting Countries (OPEC) announced that it would cut oil output by two million barrels per day. 

Monday, a gallon of gas in the Volunteer State averaged $3.39, up from last Monday’s average of $3.19, according to the American Automobile Association (AAA). 

Read More

Biden Turns to Communist Dictatorship for Oil After OPEC Slashes Production

The Biden administration proposed a deal that will ease sanctions on Venezuela, allowing Chevron to pump oil in the country after the consortium agreed to its largest production cut since the COVID-19 pandemic, The Wall Street Journal reported Wednesday.

The U.S. will unfreeze hundreds of millions of dollars of Venezuelan state funds held up in American banks and in exchange, the country will allow Chevron to produce oil on its lands, according to the WSJ, which cited sources familiar with the deal. The proposal comes after OPEC agreed earlier on Wednesday to cut oil production by two million barrels a day, a decision the White House called “shortsighted,” according to a statement.

Read More

Gas Guru Predicts Massive Price Increase at the Pump

Recent production cuts by OPEC are predicted to raise gas prices by 15 to 30 cents, according to energy analyst Patrick De Haan.

De Haan’s prediction, if accurate, will leave gas prices at an estimated $3.95 to $4.10 per gallon, according to U.S. gas averages recorded by AAA. While current gas prices are not directly tied to oil supply on a day-to-day basis, the dwindling gas supply in America will eventually feel a ripple effect as the oil supply continues to be reduced.

Read More

Gas Prices Rise for Two Straight Weeks, OPEC Expected to Drive Them Higher

Gas prices have continued to rise over the past two weeks, and now OPEC has announced a major decision that will likely drive those prices higher.

OPEC said Wednesday that it would reduce oil production beginning in November by 2 million barrels per day. OPEC, the Organization of Petroleum Exporting Countries largely based in the Mideast, said in a statement it made the decision “in light of the uncertainty that surrounds the global economic and oil market outlooks, and the need to enhance the long-term guidance for the oil market, and in line with the successful approach of being proactive, and preemptive…”

Read More

‘Only a Small Cushion’: Oil Prices Surge Again as Demand Approaches Highest Level Ever

Person pumping gas into vehicle

Global crude oil prices surged Friday, continuing their steady approach toward $100 per barrel, as a top energy group projected greater demand through 2022.

The West Texas Intermediate (WTI) crude oil index, which measures U.S. prices, increased more than 1.89% to $91.73 per barrel while the European Brent Crude index ticked up nearly 1.71%, hitting $92.94 per barrel as of Friday afternoon. Both indices inched closer to their highest price in multiple years, according to data tracked by Business Insider.

Read More

Biden Asks Asian Countries to Release Oil Reserves as Administration Scrambles to Combat High Gas Prices: Report

Joe Biden

The Biden administration asked China, Japan, South Korea and India to tap into their emergency oil reserves as the president continues to grapple with rising gasoline prices, Reuters reported.

The effort to simultaneously release oil reserves represents a rebuke of the Organization of the Petroleum Exporting Countries (OPEC), the cartel that controls oil production throughout the Middle East, several anonymous sources familiar with the request told Reuters on Wednesday. OPEC has repeatedly rejected requests from President Joe Biden and other top administration officials to increase oil production amid rising gasoline prices.

The four Asian nations the president appealed to represent some of the largest energy consumers and greenhouse gas emitters, according to a University of Oxford database.

Read More

As Fuel Costs Rise Heading into the Winter, Biden May Utilize Strategic Reserves

Jennifer Granholm

As the supply chain crisis continues to worsen, Americans can expect to pay higher energy costs in order to maintain heating in the coming winter, says Secretary of Energy Jennifer Granholm.

In an interview with CNN’s Dana Bash on Sunday, Granholm said “this is going to happen…it will be more expensive this year than last year.”

While Granholm claimed that “we are in a slightly beneficial position…relative to Europe,” she nonetheless admitted that the United States has “the same problem in fuels that the supply chains have, which is that the oil and gas companies are not flipping the switch as quickly as the demand requires.”

Read More

‘Pathetic’: U.S. Energy Supporters Blast Biden Administration’s OPEC Request

With gasoline prices up more than $1 a gallon over the past year, the Biden administration took heat Wednesday over a statement from National Security Advisor Jake Sullivan pressuring OPEC nations to increase oil production.

“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery. The price of crude oil has been higher than it was at the end of 2019, before the onset of the pandemic,” Sullivan said. “While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022. At a critical moment in the global recovery, this is simply not enough.”

Read More

Tennessee Gas Prices Near Lowest in Nation, Still on the Rise

Though Tennessee ranks tenth-cheapest in gas prices among all 50 states, prices for a barrel of unleaded fuel are still on the rise, and Tennesseans can expect that trend to continue. 

“AAA’s Tennessee Gas Price average is now $2.88 which is the same as one month ago and nearly 95 cents more than one year ago,” according to a WSMV report. 

Read More

Oil Reaches Highest Price in Six Years Amid Low Supply, Output

Oil prices climbed to a six-year high Tuesday as the Organization of the Petroleum Exporting Countries (OPEC) and Russia continue to tamp down on global output, The Wall Street Journal reported.

An OPEC meeting was called off Monday, the WSJ reported. It was the group’s third attempt to discuss surging prices and an increase in oil consumption amid an opening global economy.

Read More

OPEC, Allied Nations Extend Nearly 10M Barrel Cut by a Month

OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.

Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world’s overall supply.

However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current O

Read More