{"id":1672176,"date":"2022-10-04T13:07:58","date_gmt":"2022-10-04T17:07:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1672176"},"modified":"2022-10-04T13:08:47","modified_gmt":"2022-10-04T17:08:47","slug":"opecs-planned-price-hike-could-pummel-democrats","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opecs-planned-price-hike-could-pummel-democrats\/","title":{"rendered":"OPEC\u2019s Planned Price Hike Could Pummel Democrats"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fopecs-planned-price-hike-could-pummel-democrats%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1672176&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<div class=\"featured featured-video video-ct\" data-v-a7f268cc=\"\">\n<div class=\"contain\" data-v-a7f268cc=\"\">\n<div class=\"info\" data-v-a7f268cc=\"\">\n<div class=\"caption\" data-v-a7f268cc=\"\">\n<h4 class=\"title\" data-v-a7f268cc=\"\"><a href=\"http:\/\/video.foxnews.com\/v\/6313211559112\" data-v-a7f268cc=\"\">Gas prices on the rise nationwide<\/a><\/h4>\n<p data-v-a7f268cc=\"\">Fox News host Trace Gallagher joined &#8216;Special Report&#8217; to discuss gas prices increasing nationwide and crime concerns for midterm voters.\u00a0<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"speechkit-wrapper\" class=\"speechkit-wrapper\">\n<p><span class=\"label-bg\">NEW<\/span>You can now listen to Fox News articles!\n  <\/p>\n<\/div>\n<p class=\"speakable\">The midterm elections are weeks away and OPEC+ is threatening to cut oil production. That\u2019s not good news for you, the consumer; it\u2019s also not good news for President Joe Biden and his fellow Democrats.<\/p>\n<p class=\"speakable\"><a href=\"https:\/\/www.foxnews.com\/official-polls\/fox-news-poll-majority-says-biden-administration-incompetent\" target=\"_blank\" rel=\"noopener\">Biden\u2019s bump up in the polls <\/a>over the past few months tracked declining gasoline prices. For nearly 100 days, gas prices went down. They peaked at a record high of more than $5 per gallon in June and reached a low of $3.67. Now, at $3.80, they have begun to head back up.<\/p>\n<p>According to the Real Clear Politics average of polls, Joe Biden\u2019s &#8220;disapprove&#8221; rating peaked at the end of June at 57.3% and dropped to 53.1% in mid-September, along with the slide in gasoline prices. Since then, the percentage of voters expressing disapproval of Biden has inched higher, and GOP chances are looking brighter.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/energy\/russia-opec-pushing-100-barrel-oil-glom-money-john-catsimatidis\" target=\"_blank\" rel=\"noopener\"><strong>RUSSIA, OPEC PUSHING $100 A BARREL OIL TO &#8216;GLOM MONEY&#8217;: JOHN CATSIMATIDIS<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/category\/gas-prices\" target=\"_blank\" rel=\"noopener\">Declining gasoline prices <\/a>and Biden\u2019s improving popularity cheered Democrats, who began to dream that voters would overlook the declining economy, soaring inflation, our open border and rampant crime, and instead choose representatives campaigning on climate change and abortion policy.\u00a0 \u00a0<\/p>\n<p>They knew better. They knew: &#8220;It\u2019s the economy, stupid&#8221;, as James Carville so bluntly put it, and that gasoline prices were key.<\/p>\n<p>That\u2019s why <a href=\"https:\/\/www.foxnews.com\/category\/politics\/executive\/white-house\" target=\"_blank\" rel=\"noopener\">Biden\u2019s White House<\/a> quietly decided to continue delivering oil from our Strategic Petroleum Reserve well past Election Day, even though the withdrawal program was meant to end October 31. \u00a0<\/p>\n<p>That\u2019s also why a group of Democrat lawmakers <a href=\"https:\/\/golden.house.gov\/media\/press-releases\/golden-gottheimer-lead-group-to-press-white-house-to-continue-releasing-oil-from-national-reserves-past-planned-october-end-date\" target=\"_blank\" rel=\"nofollow noopener\">wrote a letter<\/a> begging the White House to continue releasing oil from the SPR through year-end &#8220;at a minimum&#8221;, in order\u00a0&#8220;to ensure that gasoline and oil prices continue their downward trajectory\u2026&#8221;\u00a0<\/p>\n<p>Unhappily for Democrats (and all Americans) OPEC+ is meeting this week and is reportedly set to cut oil production more than one million barrels per day in order to boost prices. If OPEC+ follows through on what the Wall Street Journal describes as its &#8220;most drastic reduction of production since the pandemic&#8221;, it will offset Biden\u2019s SPR withdrawals and push oil prices higher. \u00a0<\/p>\n<p>Here at home,<a href=\"https:\/\/www.foxbusiness.com\/category\/gas-prices\" target=\"_blank\" rel=\"noopener\"> rising oil and gasoline prices<\/a> would fuel already-high inflation, forcing the Federal Reserve to press ahead with even more interest rate hikes, thus weakening our economy and our stock market.\u00a0<\/p>\n<p>The impact would be worldwide; in the EU, rising energy costs are thrusting the region into recession.<\/p>\n<p>In short, OPEC\u2019s decision could prove disastrous for the entire world, and for Joe Biden.<\/p>\n<p><a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/opec-cuts-global-oil-supplies-reversing-september-increase\" target=\"_blank\" rel=\"noopener\"><strong>OPEC+ CUTS GLOBAL OIL SUPPLIES, REVERSING SEPTEMBER INCREASE<\/strong><\/a><\/p>\n<p>Why would OPEC+ plunge the world into even greater economic chaos? Simple: Russia wants more money to fuel its <a href=\"https:\/\/www.foxnews.com\/category\/world\/conflicts\/ukraine\" target=\"_blank\" rel=\"noopener\">war with Ukraine<\/a> and Saudi Arabia, the de facto head of OPEC+, is punishing Joe Biden.<\/p>\n<p>Russia\u2019s economy is suffering from the rising costs of its unprovoked war with Ukraine, the cut-off of natural gas exports to Western Europe and the widespread sanctions levied on the country\u2019s institutions and banks after it invaded its neighbor. Though its oil exports dropped after the war began, Russia\u2019s revenues held up as oil prices soared midst the turmoil to more than $100 per barrel.\u00a0<\/p>\n<p>The oil price drop to around $85 per barrel more recently has hit <a href=\"https:\/\/www.foxnews.com\/category\/world\/world-regions\/russia\" target=\"_blank\" rel=\"noopener\">Russia\u2019s economy<\/a> hard, pushing the federal government budget into a deficit and causing the stock market to sell off sharply. Putin desperately needs higher prices.<\/p>\n<p>As to Saudi Arabia, remember that famous fist-bump? The greeting chosen by Joe Biden to virtue-signal that he would <i>absolutely not<\/i> deign to shake hands with Mohammed bin Salman, Crown Prince of Saudi Arabia, even as he begged OPEC\u2019s de facto head for more oil?<\/p>\n<p>That fist-bump has cost him (and you) already as MBS, leader of OPEC\u2019s major swing producer, declined to raise output in defiance of Biden\u2019s pleas. The price tag could grow in the months ahead if he agrees to cut output.<\/p>\n<p>Since he became president, Joe Biden has gone out of his way to insult Saudi Arabia\u2019s MBS, who just recently was elevated to the post of Prime Minister by his ailing father, <a href=\"https:\/\/www.foxnews.com\/category\/world\/world-regions\/saudi-arabia\" target=\"_blank\" rel=\"noopener\">King Salman bin Abdulaziz<\/a>. \u00a0\u00a0Biden told the Saudis early on he would not speak to MBS, whom he blamed for the murder of the journalist Jamal Khashoggi. \u00a0<\/p>\n<p>In addition, Biden canceled our military aid to the war in Yemen and rescinded the terrorist organization designation applied to the Houthis by President\u00a0Trump, emboldening that group to\u00a0step up their attacks on Saudi Arabia.<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/newsletters\" target=\"_blank\" rel=\"noopener\"><strong>CLICK HERE TO GET THE OPINION NEWSLETTER<\/strong><\/a><\/p>\n<p>More recently, Biden continues to mulishly pursue a nuclear deal with Iran, Saudi Arabia\u2019s bitter enemy. The effort to restore the Obama-era JCPOA flies in the face of ongoing malevolent activities by Iran and in spite of our very real self-interest in courting Saudi Arabia. Just in the past few days, Iran launched missiles against Kurdish fighters in Iraq, killing among others an American national.\u00a0<\/p>\n<p>In another sign of its appeasement of <a href=\"https:\/\/www.foxnews.com\/category\/world\/conflicts\/iran\" target=\"_blank\" rel=\"noopener\">Tehran\u2019s mullahs<\/a>, the Biden White House seems determined to stand by while the most consequential protests in decades rock Iran. Despite a supposed commitment to women\u2019s rights, Joe Biden is unmoved by the tens of thousands streaming into the streets all over the country to protest the brutal beating death of a woman who dared to defy the morality police.<\/p>\n<p>We could, and should, do more.<\/p>\n<p>OPEC+ production has recently fallen short of its stated targeted amount. It may be that a proposed cut will only reflect existing output shortfalls, and not move markets. But the Biden White House has made us vulnerable to the whims of foreign (and some unfriendly) producers; that is inexcusable.<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/apps-products\" target=\"_blank\" rel=\"noopener\"><strong>CLICK HERE TO GET THE FOX NEWS APP<\/strong><\/a><\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/category\/person\/joe-biden\" target=\"_blank\" rel=\"noopener\">Joe Biden<\/a> <i>should\u00a0<\/i>undertake an &#8220;all hands on deck&#8221; effort to raise U.S. oil and gas production, which would lower global oil prices and boost our economy. But that would offend Democrat climate zealots who are willingly putting out country at risk.<\/p>\n<p>In the <a href=\"https:\/\/www.foxnews.com\/category\/politics\/elections\/midterm-elections\" target=\"_blank\" rel=\"noopener\">midterm elections<\/a>, let us hope Americans figure this out and vote for renewed and achievable energy independence, and for security.\u00a0<\/p>\n<p><a href=\"https:\/\/www.foxnews.com\/person\/p\/liz-peek\" target=\"_blank\" rel=\"noopener\"><strong>CLICK HERE TO READ MORE FROM LIZ PEEK<\/strong><\/a><\/p>\n<div class=\"article-meta\">\n<p>Liz Peek is a Fox News contributor and\u00a0former partner of major bracket Wall Street firm Wertheim &#038; Company. A former columnist for the Fiscal Times, she writes for The Hill and contributes frequently to Fox News, the New York Sun and other publications. For more visit LizPeek.com. Follow her on Twitter @LizPeek.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gas prices on the rise nationwide Fox News host Trace Gallagher joined &#8216;Special Report&#8217; to discuss gas prices increasing nationwide and crime concerns for midterm voters.\u00a0NEWYou can now<\/p>\n","protected":false},"author":1,"featured_media":1672178,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1672176","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1672176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1672176"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1672176\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1672178"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1672176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1672176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1672176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}