Saudi Arabia’s extension of oil production cuts until the end of 2023 or longer helps ensure energy prices will become an election 2024 debate.
Why it matters: U.S. gasoline prices, which have been on the rise, are closely tethered to global oil prices. Meanwhile, the presidential campaign season is heating up — and voters already give the White House low marks on the economy.
If sustained, “crude price strength could weigh on President Joe Biden’s re-election bid,” ClearView Energy Partners said in a note.
Read more ….
Update: How might Saudi Arabia’s oil confrontation with the Biden Administration play out? (Rystadenergy)
WNU Editor: The Russians are also being blamed for high oil prices …. Russia And Saudi Arabia Extend Oil Production Cuts (September 5, 2023).
As to what is my take.
I am sure the Russians and the Saudis want the Biden administration gone, and if higher oil prices is the recipe, so be it. But I also sure the White House and its mainstream media supporters are now trying to shape the narrative that high gas prices at the pumps is not due to the fault of the Biden administration, but to regimes hostile to America.