In October 2022, OPEC announced a cut to oil production—a decision that produced outrage from the Biden administration. On October 13, The Saudi Foreign Ministry announced that the Biden administration had been aware of the decision before it took effect and had “suggested” that the cuts be delayed by a month. Such a delay would have also likely delayed any rise in US gas prices until after the 2022 midterm elections.
President Biden announced that 15 million additional barrels would be released from the strategic oil reserve. As a result of the transparent move to bail out Democrats ahead of the 2022 midterms, the Strategic Petroleum Reserve (SPR) is now at its lowest level in four decades, with no plans from the Biden administration to restore it. With the latest announcement, President Biden has now sold off over 40 percent of the national stockpile (over 200 barrels) during his presidency. This is more than all other US presidents in history combined.
October 31 – On October 31, President Biden threatened to impose a windfall tax and other restrictions on major oil companies making “excess profits,” accusing companies of “war profiteering.” The president’s fear-mongering remarks indicate that the administration is continuing to turn a blind eye to the reality of increasing energy demand, constrained supply, and faulty policy decisions.
