No More Cold War With Russia
The longer this conflict drags on, the more dangerous it gets. Can President Biden negotiate us out of this mess before it’s too late?
U.S. President Joe Biden’s recently concluded trip to the Middle East was a mixed bag of results.
On one hand, Mr. Biden returned from the trip with a strong, renewed commitment to the U.S.-Israel partnership. The White House just issued a strongly worded joint statement with Israel promising, in no uncertain terms, to prevent Iran’s rogue government from arming itself, or its terror proxies, with a nuclear weapon.
On the other hand, if the Biden Administration was hoping to pressure Saudi Arabia to produce more oil in the short term, it didn’t work. As French President Emmanuel Macron remarked only three weeks ago, the Saudis are already producing at their maximum capacity.
The Kingdom did indicate openness to increasing capacity long term, possibly even within the next several years. Unfortunately, that won’t do anything in terms of lowering the average price Americans are paying at the pump now.
July’s big ease in gas prices is largely due to a release from the U.S. strategic oil reserves. That strategy, while a savvy one, isn’t guaranteed to lower the price permanently. Combined with various gas-tax holidays, which expire, this particular two-pronged…