President Biden visited the Middle East for the first time as a leader on Wednesday.
The initiative included reviving a nuclear agreement with Iran, seeking peace in Yemen, and begging the Saudis for more oil.
While the Biden administration denied his first visit to the Arab Peninsula was to generate more oil, the president himself almost said as much in The Washington Post.
Biden justifies his official visit with the Saudi prince — the same prince the U.S. says killed Post reporter Jamal Khashoggi — by saying the country’s “energy supplies are essential for addressing the effects of Russia’s war in Ukraine.”
The Brilliance of the White House
This visit will advance American interests, Biden stated. Arab nations have repeatedly rejected presidential urges to increase oil production, though.
Biden as a candidate: Trump's Iran policy is a total failure, the deal was working, Trump walked away not Iran, Trump has no authority to go to war.
Biden as president: maintains Trump's policies, didn't return to the deal, blames Iran, might go to war. https://t.co/iou2CronUt
— Assal Rad (@AssalRad) July 13, 2022
The president advocated in 2019 for trying to make the Saudi state a “pariah” over Khashoggi’s murder.
After 18 months of closing down American oil output, Biden is frantic to uncover global supplies for market demand. Biden kept his promise to “end fossil fuels” since taking office.
He closed down the Keystone XL Pipeline, killed an action plan to excavate in the Arctic National Wildlife Refuge, and nixed oil and gas initiatives countrywide with an unauthorized lease freeze.
The Interior Department’s oil and gas scheme was suspended for 18 months. Its return saw an 80% drop in available acreage and a 50% rise in royalty fees, whereas the White House pledged to repress new leases.
For as long as Biden pursues his doomed nuclear deal with Iran, he has no chance of persuading Saudi Arabia & other Gulf oil producers to increase production significantly. Whatever is agreed with Iran will be ignored. The mullahs want nuclear weapons at any cost.
— Bella Wallersteiner 🇺🇦 (@BellaWallerstei) July 14, 2022
White House climate consultant Gina McCarthy said Biden is dedicated to not drilling on government land.
In May, as the president blamed the Russia-Ukraine war for higher oil prices, the Interior Department canceled drilling developments from Alaska towards the Gulf of Mexico.
Wall Street is wary of investing in the capital-and-labor-intensive oil and gas sector, due to ongoing animosity.
Biden begs foreign countries to save the world economy from a self-inflicted energy-induced downturn. Ruinously high energy costs are fueling inflation at a 40-year high and getting worse, the Labor Department said Wednesday.
Saudi Arabia won’t help. Macron warned the United States last month that oil-rich Arab nations are already generating at capacity.
The Saudis can add 150 kbd, maybe more. Macron said this at the G7 summit in Germany.
Saudi Arabia and the UAE have significant unused OPEC output. Official statistics from the countries show they have a three million barrels-a-day buffer, 3% of the total global oil output.
Official figures may understate the emergency supply margin.
Biden should increase oil and gas production for national use and export. It would benefit American energy companies and employees as well as our European and Asian allies.
Even though Biden released oil from the U.S. emergency oil reserves in a way that had never been done before, fuel prices still reached all-time highs.
A gallon of unleaded gasoline topped $5 last month. According to the energy agency, American companies struggle with elevated power prices.
A trip with the Saudi crown prince is a last-ditch effort to lower energy prices before the midterms.
The November midterms are projected to favor Republicans in a cycle usually unfavorable to the White House party, especially with Biden’s 39% support rating.