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Dear White House, Texas can do this! Governor Greg Abbott offers lifeline to Biden on oil

Texas Governor Greg Abbott has offered a lifeline to Joe Biden after the President demanded that Saudi Arabia and OPEC produce more oil to keep gas prices low.

‘Dear White House, Texas can do this,’ the Republican leader tweeted. ‘Our producers can easily produce that oil if your Administration will just stay out of the way.’

Abbott wrote: ‘Allow American workers – not OPEC – produce the oil that can reduce the price of gasoline. Don’t make us dependent on foreign sources of energy.’

Texas produces 43 percent of the country’s oil and the U.S. accounts for around 20 percent of the global oil output – compared to Saudi Arabia which accounts for around 11 percent.

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But prices have soared by a dollar, an increase of 42 percent on last year, after OPEC slashed production to 10 million barrels per day at the height of the pandemic.

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President Joe Biden participates in a virtual meeting on Infrastructure Investment and Jobs Act at South Court Auditorium at Eisenhower Executive Office Building on Wednesday

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Texas Governor Greg Abbott (pictured in June) has offered a lifeline to Joe Biden after the President demanded that Saudi Arabia and OPEC produce more oil to keep gas prices low

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Abbott wrote: ‘Allow American workers – not OPEC – produce the oil that can reduce the price of gasoline. Don’t make us dependent on foreign sources of energy’

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Prices at the pump are on average about $1.00 higher, 42%, than they were one year ago

Saudi Arabia is the de-facto leader of OPEC, a cartel of 13 countries which account for around 44 percent of global oil production and which collude with each other to control barrel prices.

In July, it agreed to increase production by 400,000 barrels per day.

But on Wednesday the Biden administration sounded the alarm that this was not enough to combat the surging prices at the pump.

‘At a critical moment in the global recovery, this is simply not enough,’ National Security Adviser Jake Sullivan said in a statement Wednesday, adding that the administration was pressuring oil producers to undo the production cuts of the Covid-19 pandemic.

The statement comes as the administration weighs inflation concerns with rising fuel prices against its climate change agenda, which led to cuts on the U.S.’s ability to produce its own oil.

The rising prices and the administration’s request are a sharp turn of events that signal a departure from policy under former President Trump, who threatened to withdraw military support if Saudi Arabia did not slash production in April 2020 when the price of oil fell to $25/barrel.

Oil prices lowered Wednesday after the White House’s demand, hovering around $70/barrel. The average gas price per gallon today is $3.19, where one year ago it was $2.17.

Republicans have blamed Biden’s shift toward green energy, which includes nixing the Keystone XL pipeline permit and pausing new federal oil and gas leases. Biden’s Department of Energy’s statistics agency found that the pause will have “no effect” on energy prices until 2022 due to an 8 to ten-month delay from leasing to production.

The pipeline was to carry some 830,000 barrels of crude oil daily from Canada to Nebraska.

At the same time the administration is demanding more oil from the Middle East, it is pushing through a $3.5 trillion spending package fraught with funds for climate initiatives, because ‘we can’t wait any longer,’ to act on climate change, as the president says.

The bill includes at least $333 billion for environmental and clean energy initiatives.

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The energy firm that owns the Keystone XL pipeline announced in July that it will be seeking $15billion in damages from the Biden administration for blocking their permit and costing thousands of jobs. The pipeline would have carried roughly 800,000 barrels of oil a day from the tar sands of Canada to the US

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The Biden administration is sounding the alarm about fast-rising energy prices and demanding that Saudi Arabia and OPEC produce more oil – after the president paused all federal oil and gas leases

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Republicans have blamed Biden’s shift toward green energy, which includes nixing the Keystone XL pipeline permit and pausing new federal oil and gas leases

Biden asks FTC to investigate ‘any illegal conduct’ by ‘Big Oil’

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Some argue the actions and rhetoric send a message about the future of fossil fuels, and the markets believe the Biden administration will continue to work to inhibit oil and gas production. Biden has pledge 100% net-zero emissions by 2050.

Oil and gas trade groups say the president should be focused on increasing US production, instead of demanding more foreign oil.

‘Globally, we are seeing energy demand that has continued to outpace supply, and given these conditions, we should be focused on growing American energy leadership, not returning to the days of relying on OPEC to meet our supply needs,’ Frank Macchiarola, SVP of Policy, Economics and Regulatory Affairs for the American Petroleum Institute, said in a statement to DailyMail.com.

‘Unfortunately, while American energy demand continues to rise as the economy recovers, misguided policies like the federal leasing pause could exacerbate the supply and demand imbalance and in the long run negatively affect U.S. consumers.’

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