OPEC’s latest snub of Biden underscores the need for more Western oil
White House officials may have hoped that, by not shaking hands with Saudi Crown Prince Mohammed bin Salman on a trip to Jeddah in July, Joe Biden would be seen as signalling that all was not well between his country and the Middle East kingdom he had once called a pariah.
It was not until this week, however, that Saudi Arabia replied in full to Mr. Biden’s July request. And its answer was a full-throated and humiliating “no.
Forecasts predicated on declining oil demand as the world moves to reduce carbon dioxide emissions may turn out to be wishful thinking. Surging electricity rates in Britain, for instance, have Climate activists and ESG enthusiasts insist any new fossil fuel projects in the West are doomed to become stranded assets as global demand dries up in the coming decades. But less production in the West only further strengthens OPEC, leaving consumers in democratic countries at the mercy of dictatorships abroad.
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