OPEC will cut production by 2 million barrels a day, likely sending gas and oil prices back up 
Just in time for the midterms and return of the 
stickers
Reddit pissing and shidding rn https://www.reddit.com/search/?q=opec&sort=comments&restrict_sr=on&t=day&feature=legacy_search
The OPEC+ alliance announced Wednesday that it will cut oil production by 2 million barrels a day, a move that's likely to send gas prices higher again after a year of tumult at the pump.
In its statement announcing the cuts, the OPEC+ alliance cited the "uncertainty that surrounds the global economic and oil market outlooks.”
It represents the largest cut in production since the start of the pandemic.
In a statement, the Biden administration said it was disappointed in the decision, calling it “shortsighted” in light of global energy prices already lifted higher by Russia’s invasion of Ukraine.
“At a time when maintaining global supply of energy is of paramount importance, this development will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices,” it said.
The decision by the oil cartel and its allies, announced in Vienna, comes after the price of oil and gas spiked this summer amid the Russian invasion of Ukraine. Prices trended downward from July to mid-September, as President Joe Biden sought to reduce gas prices, and stress on Americans’ wallets, ahead of the midterm elections.
Capital Economics research group now expects global oil prices to rise from about $93 to $100 per barrel, with U.S. benchmark prices rising from $88 to $92. At the outset of Russia's invasion of Ukraine, global oil prices had climbed to as much as $128.
"We had always expected supply growth to slow later this year and into 2023, but this latest OPEC+ action has re-enforced our view that prices will end the year a little higher," Caroline Bain, chief commodities analyst for Capital Economics, said in a note following the Wednesday announcement.
U.S. gas prices had already been trending higher in recent weeks amid increased demand and refinery issues in the U.S. The average price of a gallon of gas on Wednesday was $3.83, the highest since late August.
“The regional differences in gas prices are stark at the moment, with prices on the West Coast hitting $6 a gallon and higher, while Texas and Gulf Coast states have prices dipping below $3 in some areas,” Andrew Gross, an AAA spokesperson, said in a statement Monday.
At least six California refineries are undergoing maintenance, Gross said, and there is limited pipeline supply to the West Coast from locations east of the Rockies.
Political analysts have observed a strong correlation between gas prices and Biden's approval rating, as voters home in on gas prices as a proxy for inflation and thus the state of the economy.
Wall Street analysts say the Biden administration could counter OPEC's move by releasing stocks from the U.S.'s strategic petroleum reserve, and even boosting the so-called NOPEC bill that would penalize other oil producing states by opening them up to antitrust suits.
OPEC+, whose de facto leader is Saudi Arabia, is comprised of 13 oil-exporting countries and 11 nonmember allied countries, including Russia.
Jump in the discussion.
No email address required.
Will the US increase domestic production?(hint: no)
Jump in the discussion.
No email address required.
The US is already increasing and never stopped.
Either way the global price would still go up.
Jump in the discussion.
No email address required.
Yeah but the fact that the US, who produces enough oil for itself, is subject to opecs whims is dumb.
Jump in the discussion.
No email address required.
Homie that's basic supply and demand, unless you advocate the US not buying or selling any oil or oil derivatives this is inevitable. It's a part of the market whether it's a net exporter or not.
Jump in the discussion.
No email address required.
I'm not advocating for the US completely closing itself off from the world, but the fact that we don't look out for ourselves first is r-slurred. The US produces more then it consumes, the average American shouldn't be suffering because OPEC slows production to drive demand.
Jump in the discussion.
No email address required.
That's how a free market works, unless you implement strict export controls or extreme subsidies this is literally unavoidable.
Jump in the discussion.
No email address required.
The free market is a fallacy. It's an imaginary construct created by capitalists to justify their exploitation of workers.
Jump in the discussion.
No email address required.
Wow based
Jump in the discussion.
No email address required.
Don't try to come for me with your weak butt attempts at an insult. You just sound stupid.
Jump in the discussion.
No email address required.
More options
Context
More options
Context
You say it like its a bad thing, bbbb
Jump in the discussion.
No email address required.
Yeah well maybe it is, you idiot.
Jump in the discussion.
No email address required.
More options
Context
More options
Context
Commie cope
Jump in the discussion.
No email address required.
Congratulations on your insightful and well-reasoned political analysis!
Jump in the discussion.
No email address required.
More options
Context
More options
Context
More options
Context
More options
Context
It's a global market you fricking r-slur, nothing the US can do will change that.
Jump in the discussion.
No email address required.
More options
Context
More options
Context
Correct- the problem is lack of incentive to develop new production. If the government removed a massive global market, what do you think domestic producers would do?
Jump in the discussion.
No email address required.
That's exactly what I just said, what's your point with that question
That's a near-unthinkable extreme for the foreseeable future
Jump in the discussion.
No email address required.
More options
Context
More options
Context
More options
Context
We don't produce enough for ourselves lol.
And again the price would still go up as global supply would be lower.
Most US refineries are set up to process shitty canadian oil as far as I know.
You'd have to go back to an export ban on oil and last time that happened was a disaster.
Jump in the discussion.
No email address required.
https://www.nasdaq.com/articles/america-produces-enough-oil-to-meet-its-needs-so-why-do-we-import-crude#:~:text=The%20U.S%20does%20indeed%20produce%20enough%20oil%20to%20meet%20its%20own%20needs.
google
Jump in the discussion.
No email address required.
Yeah. And if you knew what you were talking about and how to actually use google you'd know we do not produce enough oil that we can process. It's why we export our oil, buy the cheaper oil we are set up to process.
The more you know.
Jump in the discussion.
No email address required.
More options
Context
More options
Context
More options
Context
'member when those strategic reserve barrels were shipped off to China and managed by a company affiliated with Hunter Biden?
If you do you're a chud
Jump in the discussion.
No email address required.
More options
Context
More options
Context
We're also running our reserves dry
Jump in the discussion.
No email address required.
More options
Context
More options
Context
Yay!(boo)
Jump in the discussion.
No email address required.
according to reddit, OPEC dropping production is clickbait. and corporate profiteering is to blame.
kek according to the world news jannies, its just an opinion.
Jump in the discussion.
No email address required.
More options
Context
More options
Context
More drama if Biden
moves forward in banning US oil exports, with a big frick you to Europe 
as he tries to win the midterms.
https://www.bloomberg.com/news/articles/2022-09-30/white-house-to-meet-with-oil-producers-amid-gasoline-concerns
Jump in the discussion.
No email address required.
Europe's being starved out from all sides kek.
Jump in the discussion.
No email address required.
Jump in the discussion.
No email address required.
More options
Context
More options
Context
More options
Context
Maybe they need that oil to ship to Ukraine!
Jump in the discussion.
No email address required.
More options
Context
what the frack?!
Jump in the discussion.
No email address required.
More options
Context
More options
Context