OPEC has stayed the course this week, sticking to its planned production increase of 400,000 barrels per day and has not caved in to fears surrounding the recent price slump amid concerns over the variant virus. omicron.
Now, the Biden administration is celebrating the beautiful organic fossil fuels produced by OPEC. They took the time to praise OPEC for adding more barrels of dirty oil to the global market, even though this administration says it is committed to phasing out fossil fuels. I guess we may have misunderstood them. Maybe what they meant was that they were determined to get rid of fossil fuels produced in the United States?
THE OIL BEAR MARKET CAN BE SHORT
The administration that canceled the Keystone pipeline and tried to ban all oil drilling on federal lands now wants the “Build Back Better” bill, raising oil and gas royalties on tax rates by 12.5% at 20% for onshore-offshore production, while increasing the royalties the rates of 16.67% would be raised to 25%.
The bill would permanently ban offshore drilling in the Atlantic, Pacific and eastern Gulf of Mexico.
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This administration has shown its contempt for US oil and gas producers and even tried to secure investment dollars to stay away from domestic energy projects.
It was the same administration that was so furious that OPEC did not take it upon themselves to increase production to make up for the decline in production in the United States. They have conspired with other countries like China, Japan and South Korea to release oil from the world’s strategic oil reserves.
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The funny thing is that the release will be mostly sour crude oil. Not only will that oil end up in places like India and China, but the quality of the oil was also sour and dirtier than much of the oil the United States currently produces. Shale oil is much lighter oil and has less impact on greenhouse gas emissions.
So now the administration is celebrating OPEC’s collusion with Russia as it continues to take action to hurt U.S. oil and gas production – and continues to accuse them of wrongdoing and tell the investors to keep their money away.
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Phil Flynn is a senior energy analyst at PRICE Futures Group and a contributor to Fox Business Network. He is one of the world’s leading market analysts, providing individual investors, professional traders and institutions with up-to-the-minute investment and risk management information in the global oil, gasoline and global markets. energy. His accurate and timely forecasting has become in great demand by industry and media around the world and his impressive career spans almost three decades, garnering attention with his market calls and energetic personality as a writer of The Energy Report. You can contact Phil by phone at (888) 264-5665 or by email at [email protected].