C8 wrote:Why should the Saudis increase production? They are finally making a killing and the Dems will keep the US drillers from ramping up production much with higher taxes, permit fees, regulatory delays, etc. If there is a major recession then oil prices will decline- they probably see this coming and want to get what money they can while it lasts.
That is precisely my point.
But nonetheless Joe Biden seems to think that if he goes to Saudi and personally begs the Saudis to increase production, then they will.
Please Prince Muhammad....Please pump more oil for your old buddy joe.....please please please please.......I'm begging ya man.....
There actually are some things Biden can offer to Prince Muhammad to make a deal.
For example, Biden might offer to drop sanctions and all criminal investigation on Prince Muhammad and his minions for ordering and carrying out the murder of Kashoggi.
Its also possible Biden will offer Saudi exotic military hardware if they pump more oil....perhaps Predator drones or perhaps even missile technology help them match the Iranians.
We'll just have to wait and see what happens when Biden goes to Saudi. Given the fact that OPEC oil production has actually been FALLING in recent months in spite of the year-long increase in oil prices it seems likely that OPEC won't help....or maybe even OPEC no longer can raise production as much as they used to in past.
Cheers!