{"id":63811,"date":"2022-10-14T07:09:59","date_gmt":"2022-10-14T12:09:59","guid":{"rendered":"https:\/\/olduvai.ca\/?p=63811"},"modified":"2022-10-14T07:09:59","modified_gmt":"2022-10-14T12:09:59","slug":"in-brief-opec-and-out-prices-up-inflation-down-constructive-ambiguity-the-essential-difference-pet-cemetery-another-fuel","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=63811","title":{"rendered":"In Brief: OPEC and out, Prices up \u2013 inflation down, Constructive ambiguity, The essential difference, Pet cemetery, Another fuel"},"content":{"rendered":"
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In Brief: OPEC and out, Prices up \u2013 inflation down, Constructive ambiguity, The essential difference, Pet cemetery, Another fuel<\/a><\/h3>\n<\/div>\n<\/div>\n<\/div>\n
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OPEC and out<\/strong><\/p>\n

The political fallout from the OPEC+ decision to cut its oil production target by two million barrels a day \u2013 which would leave the world economy around six million barrels a day short of its pre-pandemic peak \u2013 is sufficient to push us closer to collapse.\u00a0 The Biden administration, who optimistically believed the President had secured a 200-million-barrel deal with the Saudis to replenish the USA\u2019s strategic reserve, have treated the announcement as tantamount to a declaration of war.\u00a0 Although there is no law of physics that says oil producing states have to provide the west with cheap oil.<\/p>\n

The decision is yet another Western own goal in an economic war that the west is clearly losing.\u00a0 It was the Biden administration\u2019s decision to refuse new licenses for US domestic production which, despite depletion, could still fill the gap left by OPEC+ cuts (although the USA \u2013 like the UK \u2013 still needs to import heavy oil).\u00a0 It was also their decision to empty the strategic reserve, which is meant for dire emergencies, solely to keep pump prices down ahead of next month\u2019s mid-term elections.\u00a0 Elections that Biden\u2019s team may well lose, as Michael Shellenberger\u00a0reminded<\/a>\u00a0Americans this week, the situation:<\/p>\n

\u201c\u2026 poses political risks for Democrats who, in the spring of 2020, killed a proposal by President Donald Trump to replenish the SPR with oil from American producers, not OPEC+ ones, and at a price of $24 a barrel, not the $80 a barrel that the Biden White House promised to OPEC+. At the time, Trump was seeking to stabilize the American oil industry after the Covid-19 pandemic massively reduced oil demand…<\/em><\/p>\n

\u2026click on the above link to read the rest\u2026<\/p>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In Brief: OPEC and out, Prices up \u2013 inflation down, Constructive ambiguity, The essential difference, Pet cemetery, Another fuel OPEC and out The political fallout from the OPEC+ decision to cut its oil production target by two million barrels a day \u2013 which would leave the world economy around six million barrels a day short […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3,5],"tags":[600,33265,30640,31360],"class_list":["post-63811","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","category-geopolitics","tag-opec","tag-price-iinflation","tag-the-consciousness-of-sheep","tag-tim-watkins"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=63811"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63811\/revisions"}],"predecessor-version":[{"id":63812,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/63811\/revisions\/63812"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=63811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=63811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=63811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}