The Biden Admin has been trying to get back on Saudi Arabia’s good side for months. Will this latest move finally bring down oil prices?
U.S. President Joe Biden made his first blunder when he asked the Saudis to increase OPEC oil production back in July. It was a mistake Biden has been paying for ever since.
It was understandable at the time: U.S. gas prices during the summer of 2022 were red-hot and Biden’s Democratic Party was facing a very tough midterm.
But, as French President Emmanuel Macron warned Biden in June — a moment caught on a hot mic— the Saudis were already at max capacity and wouldn’t be able to increase output for at least another six months.
Had Biden not asked the Saudis to increase production, their subsequent cut in production wouldn’t have been a big deal. As things were, it made Biden’s trip to Saudi Arabia, not to mention his infamous fist bump with Saudi Crown Prince Mohammed bin Salman, look like a colossal failure.
But with U.S. strategic oil reserves depleted, Russia’s war in Ukraine dragging on, and diesel prices in the U.S. showing no signs of dropping, the Biden Administration soon changed tack completely.
President Biden has been trying to mend relations ever since.
First, the Biden Administration scrapped the Joint Comprehensive Plan of Action, more commonly known as the Iran nuclear deal. Almost everyone who isn’t a high-ranking member of the Iranian government knows how terrible the original JCOPA was for the Middle East.
With the “pallets of cash” it received from the largesse of the Obama Administration, the tyrannical rulers of Iran did exactly what U.S. allies like Saudi Arabia and Israel warned they would do.
Iran sponsored so much terror in the region against nations like Saudi Arabia after the JCPOA was inked in 2015, it pushed Middle Eastern nations closer to Israel.
In addition to scraping the Iran nuclear deal, the Biden Administration has now come down hard on the side of Saudi Prince Mohammed bin…