Biden Turns to OPEC for Help

Automatic TRANSCRIPT

Want to get to one of the things that's driving all this inflation. And that's oil prices, crude oil, ending the day up 2% and a $117 and change. What have I said? I've said a 130 by the height of the summer driving season. So I'm still on the lookout for that. I think it could be coming July 4th. And this is despite the news that we got today out of OPEC. You see the Biden administration has been working really, really, really hard. Trying to get Saudi Arabia who kind of like runs the show right over at OPEC. To pump more oil. Drill more oil. You don't get it out of the ground and onto the open market. In Saudi Arabia, in part because they aren't tremendous fans of this administration. Well, they've been pretty reluctant to do that. So there's been a lot of pleading and a lot of diplomats going back and forth. And we've sent people over and we're like, hey, you know, we really need this one. So come on, Saudi Arabia. Go for it. So now Saudi Arabia apparently has said, okay, we've been persuaded. They're willing now to up their oil production. So by what? 600 and some odd thousand barrels a day. They're going to put into the open market. So you'd say, all right, well, that's good, right? That's actually going to lower the price of oil. And yet here we are. With the price oil, up 2% on the day, this whole thing is announced. Antonio, the oil markets are on fire, and they're going to continue running higher because of some pretty basic stuff. We lack a commitment to energy that's drilled here in the United States.

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