OPEC was always going to mess with gas prices. Was Biden’s team naive?
On Wednesday, the energy price-fixing cartel OPEC+ announced that it was making a major reduction in oil production. That will end up meaning less oil on the market, and an increase in the price of gasoline for consumers worldwide, at a time of high inflation and recession fears. It is a net positive, though, for the two countries that produce the most oil in OPEC+ — Russia and Saudi Arabia.
President Joe Biden has called the move a “disappointment.” Perhaps more accurately, it’s an embarrassment for an American leader…