Opec, Jake Sullivan, President Biden discussed on Oil and Gas Startups Podcast
National security advisor. Jake sullivan on the need for on the need for reliable stable global energy markets. And i'm going to read this out loud in case you haven't logged into. The white house looked at it but basically he says this is quote 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 twenty nineteen before the onset of the pandemic well opec plus has recently agreed to production increases. These increases will not fully offset previous production cuts that opec impose during the prion democ until well into twenty twenty two at a critical moment in the global recovery. This is simply not enough. President biden made clear that he wants. Americans have access to affordable and reliable energy including at the pump. Although we are not a party to opec the united states will always speak to international partners regarding issues of significance that affect our national economic and security affairs in public and private. we're engaging with relevant opec members on the importance of competitive markets in setting prices competitive energy markets willinger reliable and stable energy splice and opec must do more Recovery so this is the. Us white house. The the biden administration calling on opec to increase output. Because they are seeing pressure in prices. Now i am. It is not a stretch to say that this is these. These price increases and inflation in the us in particular is what's driving this so it is not just oil prices. And we've talked about this in previous podcasts. I've talked about this law in presentations. In encountering talking with folks on phone and in in the industry this is one of the first times we've seen especially in my lifetime. I'm in the past twenty years that we've seen inflation high inflation so high food prices high High cost of living a high cost of wage increases in tandem with high oil prices. So we didn't have these levels of inflation necessarily all for all components. Won't we had seen really high oil prices before. And so i think these two things are really weighing and they know the administration knows that this is definitely going to impact on consumer sentiment. And it's definitely gonna impact actually help people feel about the ministration. How will the doing so that was a plea by our nationals secretary National security advisor. Jake sullivan on the need for reliable and stable. Global energy markets necessarily. There's a response in the press briefing which we'll get into because it was talked about opec was talked about quite a bit length so what was also interesting is albert government if you go on their website..