This decision to cut production by 2 million barrels per day will likely cause gas prices to rise and is due in part to the war in Ukraine. WATCH ABC News live stream here: https://www.youtube.com/watch?v=w_Ma8oQLmSM SUBSCRIBE to ABC NEWS: https://bit.ly/2vZb6yP See more at http://abcnews.go. com/ LIKE ABC News on FACEBOOK https://www.facebook.com/abcnews FOLLOW ABC News on TWITTER: https://twitter.com/abc #abcnews #abcnlupdate #opec #oil #economy #gasprices
Original source (ABC/Youtube)
Remember, in 2014 OPEC suffered huge losses when they went along with the U.S and increased production to economically hurt Russia, what did they get in return? the U.S spat in their faces.
In addition to the fact that price has to go up to counter inflation and the US money printing machine and the dollar losing value, a barrel of oil costing 100 dollars today is equivalent to it being almost 60 dollars just 10 years ago.
I'm against market manipulation and price controls but the U.S getting what they deserve is too good to go against.
If this isn't motive enough to get off Fossil fuels I don't know what is! Biden again has the right idea!
We know what you did last Summer
Ha haHa
FJB
Lift the sanctions
And STOP fronting like your winning
Your disputes that nobody cares about is NOW making life harder
Without Saudi oil your done
What gas prices? I drive electric, bitches…lol
This decision will wreck OPEC not consumers !!!!
We were energy independent until about two years ago. We could be again. Poor policy decisions have made us dependent on foreign oil. That weakens the US economy and weakens us geopolitically. There is nothing wrong with being strong. And what we have now is in great portion due to those poor energy policy decisions.
Should have reduced dependancy on oil years ago, then? Gosh, Asian and African countries are going to be hit hard.
I want to see how the USA will deliver cheaper gas to the EU than Russia 🙂
Global war on the horizon… trump tried to warn everybody about being dependent on foreign fuel sources.
Oh good
Damn this getting impossible to buy a house
Energy independence under the Trump Administration. Thanks Joe Biden, you've screwed Americans again!
To be fair, the Biden Administration started cutting US oil and gas production on January 21, 2021. The rest of the world's producers are just now following his lead.
Just admit it, Biden is not what we need right now. We need someone else badly, at least we know Trump can handle this, but if not Trump, please get someone capable pronto
OPEC decision to challenge the world’s order is totally absurd and unacceptable. They probably have no idea what the US is capable of and I am sure the US will take immediate action to retaliate
at 66 with my meagor savings and investments tanking, I am moving to the Philippines to be able to afford to retire…I don't like leaving my family but my only choice is to stay here and live in near poverty on Social Security. Thanks Biden voters!
Greed people. They are cutting production to manufacture a supply and demand issue to warrant charging more $. Why you ask? Because even at 5 a gallon people drastically cut usage. Price is estimated to go up to 12 a gallon. That happens I'm 100 % certain people overthrowing our government. And just outright taking gas for free
Remember go out and buy a electric car.
Heating oil was 5 a gallon on Fri. Can't wait till Monday to see how much it is. Thanks joe
Whenever liberals grabs power everything is ruined
hi come to the uk then you will suffer
Liquefied natural gas prices is going through the roof here in the US and no one's talking about it. What's going on?
yes better use bicycle that gas hungry cars
Biden should look on to 88energy
The UGLY truth, the US has had to suck it up when it comes to Saudi and OPEC.
the need for OIL is like having a massive addiction, this ties the hands of many nations.
people call drug addicts weak, but drop to their knees and cry when oil prices go up.
MORE GREEN ENERGY !!!
It’s happening because Biden won’t allow drilling in the U.S.Democrats are stupid!!!
all the people who have been say that depending on oil is a national security risk and is harming the USA can say they told us so.
tone to switch to renewables and electric vehicles while modernized rail and other transportation in cities should be invested in.
I remember how we were bullying Germany about using Russian energy and was just plain mean to them. I guess they can giggle now and call it karma. Now we are back to begging again.
We need to get Hunter involved, his expertise is just what his daddy needs right now.
Putin, MBS all want Trump to lick their feet.
If Biden really thought he could ask Nations to pump faster so they could make less profit, that shows he is seriously delusional. How about asking auto manufactures to lower prices?Pump the cows faster cheaper milk.Ask airlines to lower fares so more people can go on vacation.”come on man”
EU AND AMERICA IMPLEMENT PRICE CUT TO RUSSIAN OIL BUT NOW BACKFIRES TO THEM, GOD IS GOOD….
7 rich nations whitout natural resourses 🤣🤣🤣
Do you even know what you talkig about
Worst President Ever and taking orders from the radical America hating left ! Breaking us all financially in every way by design for control and power. Vote them out in number's people, then make them pay for this.
Impeach traitor Joe Biden
Either start drilling at home or start invading Oil producing countries.
3 Years ago: $2.50 gas. Energy independent
Now: 5$ gas. The usa is now begging on the Saudi's doorstep for more gas production
But the Saudi said it was to “stabilize” the oil market. Yeah: stabilize high prices for their benefit.
Price Cap of the West is only a bluff and very funny for it self .
Based Russia. Please end Kissinger’s petro-dollar
That’s going to be devastating for Biden administration .
Ops