A couple of years ago, everyone was predicting that Biden and Harris would be destroyed by the Organization of the Petroleum Exporting Countries, or OPEC — the powerful group that has controlled oil prices for decades. Check out these headlines from a couple of years back:
OPEC Move Shows the Limits of Biden’s Fist-Bump Diplomacy with the Saudis
How Joe Biden's oil bet went sideways
OPEC Remains an Obstacle for Biden’s Green-Energy Fantasy
OPEC Says to Biden: If You Want More Oil, Pump It Yourself
Hhhhmmmm . . . sounds pretty ominous?
What happened? Well, they didn’t break Biden and Harris. Instead, Biden and Harris broke OPEC and rewrote the rules for oil trading.
OPEC had massive influence over American politics for six decades.
To meet the challenge of sky-high oil prices, the Biden-Harris administration used the US Strategic Petroleum Reserve, releasing 100 million barrels of oil for sale. People thought this was risky and nuts but it worked.
Not only did they deflate oil prices for American consumers — they screwed over OPEC and showed them that we can’t be messed with.
By releasing the oil, they lowered the prices people had to pay.
So the OPEC countries had to drop their prices because they didn’t want to be undercut by the US.
So prices went down worldwide.
Biden and Harris sold the oil from the reserve at $100 a barrel.
But then they replenished the reserve. How?
They bought it back at $70 a barrel! They lowered prices so they were able to replenish our reserve for cheap and make us money! They made about four billion dollars for the United States, in addition to stabilizing oil prices and destroying OPEC’s ability to hold our economy hostage.
Now they have the ability to just threaten to do this and stop the cartel's ability to control us.
This also makes room for the green market! Green stocks are rising because the oil market is finally predictable. The thing is, when the price of oil gets too low, the market for green energy falls apart. Biden and Harris fixed that.
Here is a summary of what they did (Reddit):
The US did a masterclass in leverage reduction.
The US produces more oil than any nation now. Meaning OPEC+ doesn't have leverage anymore. If OPEC+ cuts production, it helps US oil. If they pump up production, the price of oil goes down and helps the West and limits their profit.
On top of that, there are price controls on Russian oil which limits profits, until they stop being imperialists. OPEC+ and ringleader Russia are in a pickle. [ . . . ] They are boxed in, hedged.
BRICS+ME’s attempt to use oil at least as an energy economic attack vector is neutralized. [ . . . ] If Russia undercuts they lose more, if they increase prices there is a cap sanction. Again, boxed in, hedged, leveraged.
There is no direction they can move/manipulate oil markets that won't harm them more than the US. [ . . . ]
OPEC countries have almost no effect on US oil now, even on imports. We barely buy from Saudi, none from Russia, and OPEC very little. It is mostly North America and non-OPEC. OPEC only controls 38% of the market now and going down. North America and Europe actually produce as much as the entire Middle East.
It really is breathtaking.
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These posts are written by Goodnewsroundup (Goodie),
edited by Matilda Briggs, supported by 2thanks and WolverineForTJatAW
and reinforced by several other notable Kossacks!
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