Things are not going well for Joe Biden.
He thought one major problem was behind him.
And Joe Biden is panicking after he was hit with a nasty surprise he never saw coming.
Soaring gas prices are one of the biggest disasters of Joe Biden’s failed Presidency.
After declaring war on American energy, the price of gas doubled under Biden hitting record highs this summer.
With the economy tipping into a recession, demand for gas has plummeted driving down prices from record highs to a still absurd level.
When gas prices were going up, Biden blamed anyone and everything for the problem he created claiming the President doesn’t have anything to do with gas prices.
After they started declining, he tried to take a ridiculous victory lap falsely claiming it was a result of his policies.
Joe Biden thought his problems with gas prices were behind him heading into November’s Midterm elections.
Now, the oil cartel, OPEC (Organization of the Petroleum Exporting Countries), is about to hand him a nasty surprise ahead of the crucial election.
For the first time since the start of the pandemic, OPEC and other major oil producing countries, often called OPEC+, are meeting in person in Vienna, Austria to decide their next step in oil production policy.
OPEC and OPEC+ countries are reportedly mulling over the largest cut to production since the start of the pandemic.
Energy analysts predict that the potential production cut would send gas prices skyrocketing with the price of a barrel of oil expected to push $100/per barrel.
OPEC+ sources told Reuters the countries are considering cutting oil production by more than a million barrels per day.
“The OPEC ministers are not going to come to Austria for the first time in two years to do nothing. So there’s going to be a cut of some historic kind,” Dan Pickering, CIO of Pickering Energy Partners, said of the group’s first post pandemic meeting.
Oil prices jumped nearly 4% in reaction to the news.
Industry analyst Stephen Brennock with PVM Oil Associates explained that oil prices are headed upwards.
“A further uptick in trading activity coupled with tightening near-term oil fundamentals could well push oil prices back to $100/bbl,” Brennock said.
To make matters worse for Biden, OPEC announced they were cutting production by more than analysts expected – by two million barrels a day instead of one million barrels.
But Pickering added that OPEC cuts aren’t the only move that will send oil prices higher in the coming months.
He pointed out that more sanctions against the Russian oil industry are going to kick in at the end of the year along with the Biden regime ending sales from the Strategic Petroleum Reserve.
Already, gas prices are coming back to bite Democrats after they thought the problem was in their rearview mirror.
Gas prices are climbing once again nationally but the west coast is getting hammered from a supply shortage.
Nevada saw its gas price surge to $5.51 a gallon while in Arizona it’s up to nearly $5 a gallon again.
Both states have crucial Senate races this fall with vulnerable Democrat incumbents.
Soaring gas prices is a problem that Joe Biden won’t be able to out run.
Stay tuned to Right News Wire for any updates to this ongoing story.
