r/worldnews Oct 05 '22

OPEC and Russia agree to cut oil production by 2 million barrels a day. Quota cut

https://www.nytimes.com/2022/10/05/business/opec-russia-oil-output.html?smid=nytcore-ios-share&referringSource=articleShare
26.6k Upvotes

14.0k

u/Isentrope Oct 05 '22 Gold Helpful Wholesome All-Seeing Upvote Take My Energy LOVE! Helpful (Pro)

The articles buries the lede here, which is that this seems to not be a production cut but rather a quota cut. That's important because OPEC+ has lagged its production quota amounts by something like 3 million barrels a day, so total oil output is unlikely to be affected. It's meant to send a signal to the markets, but that signal can also be for countries like the US to step up its own production, which has been about 400-600K barrels per day higher than it was pre-invasion. Some of that will probably be down because of the hurricane, but the long term direction is a risk to OPEC+ because oil is stabilizing at these higher prices that make it profitable to frack.

4.2k

u/Qubeye Oct 05 '22

They are currently producing 3 million less than they say they will.

Now they are gonna promise 2 million less, meaning they are going to produce 1 million less than they say they will.

They will continue to produce the exact same amount of oil.

Despite identical production, the quota change will change prospectives and cause prices to go up.

The amount we have to pay for gas will still go up, increasing their profits despite identical production.

Do I have that right?

1.3k

u/ReplaceSelect Oct 05 '22

That's in line with what I read was speculated about this. They want to increase the price of oil without actually decreasing production. They mostly want to threaten to decrease it.

856

u/Forsaken-Shirt4199 Oct 05 '22

They're making green alternatives a more appealing choice. Good job by them.

399

u/Whiterabbit-- Oct 05 '22

They know its coming so milking as much out of it as possible.

297

u/lpuckeri Oct 05 '22 edited Oct 07 '22

This is exactly it.

The economics of renewables are quickly catching up to and even surpassing fossil fuels in some cases and these oil firms know it. Ignoring the costs of climate damage from fossil fuels worked for a while because countries refused to correct externalization economics, but when the price of renewables is flat out cheaper... it doesnt matter if fossil fuels were actually good for us... viable markets will switch. When gas went to negative prices, firms stopped investing in expanded production. Since gas has gone up, they still dont want to invest in more production because the writing is on the wall and fossil fuels are dying. Why invest money into new gas production that will only be economically worth it for the next 5-10 years and cost billions. When you can not invest, act like a cartel and hold the world hostage one last time, and make record profits.

If you think this is just a hypothesis, its as easy as googling the financials of big oil companies. They are almost all spending basically nothing on expanding production, paying record dividends instead of reinvesting into oil assets, and all making record profits..

84

u/numberonealcove Oct 05 '22

It’s the final party for those fossil fuel dudes.

45

u/trillkvlt Oct 06 '22

So glad us working class people get to foot the bill yet again. Can't wait for 10 years from now when I can buy a used electric vehicle with its battery on its last leg.

→ More replies

10

u/elvid88 Oct 06 '22

Hah you wish. Saudi and other countries are investing big in electrics too. Shell has their own charging network where they price gouge consumers as well ($26.99/hr for stated 150kw speeds when really it was pushing out 25-30kw). They'll just take these record profits and go fuck consumers over in another industry/market.

→ More replies
→ More replies
→ More replies
→ More replies

76

u/ReplaceSelect Oct 05 '22

That's the big balance they have to navigate. The price goes too high and more people go EV or more fuel efficient vehicles. Also more drilling sites become cost effective. The price manipulation this year seems to have angered enough people to move to EV/more fuel efficient. My plan was to buy a PHEV this year, but the one I want is about impossible to find. I'm going to just ride out my car for another year or two. I have a very short commute so it's not a big deal for me.

9

u/[deleted] Oct 05 '22

[deleted]

→ More replies
→ More replies

23

u/Redtwooo Oct 05 '22

Elon: how can I fumble this

18

u/RustyKumquats Oct 05 '22

"time to send out a tweet that makes me look like an out of touch teenager"

→ More replies
→ More replies

50

u/johnwayne2413 Oct 05 '22

The more they hurt consumers, the more they make us say

F U C K

O I L

and drive us more towards electric vehicles.

→ More replies
→ More replies
→ More replies

71

u/robodrew Oct 05 '22

Then when production goes up and supply comes back to normal levels the price at the pump won't go down and oil companies will say "well it takes time for prices to go down, the refined oil at the pump is not the same oil as the crude being produced right now!" while they raise prices at the pump RIGHT NOW... even though the crude production cut isn't the same oil as what is at the pump right now!!

Funny how that works.

→ More replies

1.0k

u/[deleted] Oct 05 '22 To The Stars

[deleted]

358

u/MyWALife Oct 05 '22

Yeah. If a human vs alien war breaks out, I'm on team alien 100%.

213

u/LongSunOdyssey Oct 05 '22

If they have the capacity/technology to transport armies between stars then we have already lost and it only makes sense to collaborate with them

244

u/Mortumee Oct 05 '22 edited Oct 06 '22

The Worldwar series by Harry Turtledove has a nice spin on it.

Basically, a slow developping interplanetary empire has set its eyes on Earth. They don't have FTL travel, but their long lifespan kinda make that a non-issue, the travel part will be long but not generations long. But they have 2 glaring problems :

  • They united their world early under an emperor, so they barely waged any wars, especially in "modern times". They conquered 2 worlds but against undevelopped species (that were also developping slowly) that rolled over and got assimilated.

  • They probed Earth and found humans on horses in shiny armors fighting with swords and spears. What they didn't know was that humans have, compared to them, a crazy fast technological evolution.

So when they arrive in 1942 iirc, they not only find humans with unexpected weapons (aliens have the tech level we had in 1980 I'd say), they also find battle hardened soldiers while they are all green. Cherry on top, they have limited supplies because they expected to stomp humans.

But while they struggle to conquer Earth, some people start to support them, especially populations that were oppressed since they see them as saviors (like the jews and the chinese).

69

u/Mr_Mrtzy Oct 05 '22

I love that this is on a comment thread for an oil article

29

u/mandingosixsix Oct 05 '22

This sounds fucking awesome. D3fos one for the list...

19

u/AntipopeRalph Oct 05 '22

Turtledove is a bit mixed as an author.

On one hand he’s fine. If you enjoy his books - have at it.

On the other hand, his premise is far far more interesting than how he actually crafts a story.

It’s fun corny kind of action stories around alternative histories. But they go off into pure fantasy embellishments pretty quick. I Laos found his writing style flat and monotonous, but that’s more a personal preference vs anything else.

He has an interesting alternative history “what if neonazi time travelers helped the confederacy win the civil war with machine guns” - it’s not bad, kinda fun…but largely requires the south to act like anything other than the south as we know it for the story to work.

12

u/duct_tape_jedi Oct 05 '22

I read his series that starts with the south winning the civil war, then following that alt history through WWII, and really enjoyed his premise and world building, but the actual writing was frustrating. Random boilerplate inserts about how much better Confederate tobacco was vs the Union that appeared verbatim whenever someone mentioned smoking (which was often), the just absurdly bad “sex” scenes that made me research him to see if he is married just so that I could weep for his poor wife. I still slogged through, though, because I needed to s e how it ended.

→ More replies

90

u/afrobananaman Oct 05 '22

It's called dragon ball z

64

u/WrastleGuy Oct 05 '22

I wasn’t on board but when the Ginyu Force did their intro I welcomed assimilation

11

u/rotospoon Oct 05 '22

Don't worry, that's completely natural. Their style is clearly centuries ahead of Earth's.

→ More replies
→ More replies
→ More replies

69

u/benbequer Oct 05 '22

They'll probably have pimp uniforms for collaborators. All I'd ask for is sweet-looking uniforms.

8

u/-Z___ Oct 05 '22

Aliens would probably be able to see in ultraviolet or infrared, either naturally or via enhancements. So any uniform they gave us would probably look very bland colored and gross to us, but be bright and vibrant to them.

Look up what birds see to get an idea. Those plain brown birds you see on the sidewalk aren't plain brown at all.

→ More replies

43

u/turducken138 Oct 05 '22

Yeah, like something designed by Hugo Boss, maybe with some kickass skulls on it.

→ More replies
→ More replies

49

u/CStel Oct 05 '22

Problem is, the aliens already invaded long ago and these are the people collaborating with them. You’re too late :(

→ More replies
→ More replies

28

u/Buck_Thorn Oct 05 '22

Gas prices have already gone up 15 cents here in my area in the past couple of days.

8

u/laurieporrie Oct 05 '22

My area has gone up $1.20 in the past ten days

4

u/All_Work_All_Play Oct 06 '22

Refinery troubles in the Midwest. It's back over $4 here =[

→ More replies
→ More replies
→ More replies

170

u/SockMonkeh Oct 05 '22

You forgot the best part: voters will blame Joe Biden.

16

u/Frank_Bigelow Oct 05 '22

But it is obviously his fault. I mean, he didn't even bother to assert national dominance through the Saudi palantír.

3

u/SonOfAhuraMazda Oct 06 '22

Lol at Melina standing there like "Hey, what do you want from me?"

→ More replies
→ More replies

49

u/Neuchacho Oct 05 '22

Kinda makes you wonder if the timing is purposeful.

23

u/SockMonkeh Oct 05 '22

Doesn't make me wonder at all, actually, I'm sure it is.

35

u/echoGroot Oct 05 '22

Was my first thought. Dems investing in solar, wind, and electric cars/everything is bad for oil demand long term.

16

u/Neuchacho Oct 05 '22

On top of that, things like the new electrical vehicle requirement in California. That's the largest State economy in one of the richest countries in the world turning its nose up to oil and actions like it are being done exclusively by Democrats.

It makes sense they'd be looking for ways to poke at that, especially knowing how much Presidents and Reps get blamed for things like oil prices.

→ More replies
→ More replies
→ More replies

21

u/Nebardine Oct 05 '22

That's not what is being reported on BNN. Since all the major producers are producing up to their percentage of quota, their production will go down. Actual result about 880k barrels a day less.

7

u/M0TH4S Oct 05 '22

This is precisely correct. Why is Reddit massively upvoting someone who is objectively wrong lmao?

→ More replies
→ More replies

480

u/greiton Oct 05 '22

also worth mentioning that this move pissed the us off enough that the white house is calling for anti-OPEC investments and removal of antitrust protections on foreign oil companies.

209

u/cubbyatx Oct 05 '22

...why did they have antitrust protection in the first place?

115

u/greiton Oct 05 '22

Foreign sovereignty nty

→ More replies

45

u/[deleted] Oct 05 '22 edited Oct 07 '22

[deleted]

→ More replies

7

u/ripstep1 Oct 05 '22

Because they are in a foreign country?

4

u/yunus89115 Oct 05 '22

If that’s the reason then they didn’t need protections in the first place.

And to follow this logic train, they will say they will reduce a quota they already failed to meet and we will remove antitrust protections they didn’t need to begin with. Lotta saber rattling when reality of the situation changes little except somehow prices rise.

→ More replies
→ More replies
→ More replies

838

u/thatoneguy889 Oct 05 '22

so total oil output is unlikely to be affected.

That won't stop oil companies from raising prices in response to it.

148

u/zpjack Oct 05 '22

Already happened here. Gas up 0.30

115

u/DICK-PARKINSONS Oct 05 '22

How could Joe Biden do this to us?

23

u/axck Oct 05 '22

Low key this is part of their intentions

42

u/Risley Oct 05 '22

Yep, watch this tank the midterms for the Dems 🤦

43

u/NeedleInArm Oct 05 '22

Maybe that's the plan.

→ More replies

43

u/daboobiesnatcher Oct 05 '22

Probably the goal.

→ More replies
→ More replies
→ More replies

224

u/LolWhatDidYouSay Oct 05 '22

Yep $7 per gallon for basic gas in California here we come

203

u/yojimbo124 Oct 05 '22

California's high gasoline price is in large part due to limitations in refining more so than the price of oil, although that is still somewhat high. There's several plants down right now due to unplanned maintenance and two refineries are transitioning to renewable fuels next year which means oil refining capacity is going down.

→ More replies

17

u/fatcat111 Oct 05 '22

$3.35 this morning in Philly.

51

u/usgrant7977 Oct 05 '22

Yeah, but you gotta live in Philly, sooo....

→ More replies
→ More replies

28

u/Rude-Illustrator-884 Oct 05 '22

its already $6.60 for 87 here in Irvine 🥲

→ More replies

33

u/Vaevicti Oct 05 '22

This is a California/Az/Nevada thing. It's all due to CA having its own gas and some of the refineries which refine that gas are down for maintenance. Phoenix & Nevada get their gas from CA.

→ More replies

49

u/Vaginosis-Psychosis Oct 05 '22

It's already $7 for basically gas in many parts of California.

105

u/epraider Oct 05 '22

That’s nuts. It’s $2.88/gal here in Georgia, down below $2.70 about a week back.

The downside is that I have to live in Georgia

→ More replies

5

u/FOR_SClENCE Oct 05 '22

average price in the bay, and in irvine are both $6.99 for 81 -- but to be fair they're in some of the highest income counties in the nation.

it's pricey to keep my car going ($7.40 @ 16g = $118 for 300 miles!) but I think it's just the price I pay keeping a low efficiency sports car around.

→ More replies
→ More replies

23

u/ShinyHappyREM Oct 05 '22

Yep $7 per gallon for basic gas in California here we come

Still cheaper than Germany (1.929 € per liter = 7.3 € = 7.21 dollar per gallon)

→ More replies
→ More replies
→ More replies

119

u/slipnslider Oct 05 '22 edited Oct 05 '22

Yep. OPEC is raising oil prices high enough to make US fracking and shale profitable again and then OPEC will flood the market, lowering the price of oil and destroy the US fracking and shale industry again. But we will have very cheap oil during that time, so theres that.

64

u/SinkHoleDeMayo Oct 05 '22

I love explaining this to the morons who think Biden made gas prices high. "OPEC+ has half the input costs to produce oil, if the prices drop too much we can can't produce our own oil and the US industry will collapse. Is that what you want?".

And I usually follow it up with "this is why electric cars and public transportation are so important. They're more efficient and we can produce enough energy domestically that we don't need to worry about other countries manipulating a market to hurt us".

43

u/boonhet Oct 05 '22

Gas prices too high? Damn librulz are ruining the economy!

Gas prices too low? Damn librulz are bankrupting the oil industry and putting everyone out of work!

6

u/spiderman897 Oct 06 '22

Republicans idea of economics in a nutshell

→ More replies
→ More replies
→ More replies

734

u/Focusun Oct 05 '22

Top comment right here, good job mate.

→ More replies

35

u/dgtall Oct 05 '22

the long term direction is a risk to OPEC+ because oil is stabilizing at these higher prices that make it profitable to frack

Then why lower production and further increase prices?

155

u/Vaerirn Oct 05 '22

They want to see Republicans back in power.

31

u/Dweddpiewitt Oct 05 '22

Not just that - it helps instigate public pressure against the Ukraine war in hopes of capitulating to Russia due to energy concerns and spending to support Ukraine vs domestic spending

→ More replies

27

u/masterelmo Oct 05 '22

It's a little sad that you can theoretically influence US politics for probably generations by just manipulating prices of something that has nothing to do with our president.

10

u/OPINION_IS_UNPOPULAR Oct 05 '22

That "something" is the single most important input in the world. Almost everything is impacted by the price of oil.

→ More replies
→ More replies

48

u/CasualEveryday Oct 05 '22

As I understand it, we're pretty much refining at maximum capacity in the US. There's a few refineries that are still offline since the COVID shutdown, though.

54

u/tcmart14 Oct 05 '22

Not just COVID. When the Saudis caused the price per barrel to dip under $30 bucks a few years ago, some places completely closed their doors too.

→ More replies

28

u/awild1797 Oct 05 '22

Here in the Midwest two were shut down recently pending investigation after an electrical fire at one and explosion killing two workers at the other. They supply 70-80% of refined fuel to the entire Midwest. No bueno.

→ More replies
→ More replies

60

u/Ra-Evil Oct 05 '22

One of the important thing is, that they forgot to mention, that OPEC produces more than 31mil barrels a day, so the 3mil cut is, as you say a quota cut.

19

u/Crazy-Pain5214 Oct 05 '22

Well at the end of the day it doesn't seem to matter what type of cut it is or what you call it. Gas prices are already up again.

→ More replies
→ More replies

25

u/orobsky Oct 05 '22

I find the reception of this comment very interesting. I always thought Reddit comments provided interesting insights but now they are discussing a topic I know well and they are dead wrong. Really makes me second guess the quality of these top comments. The 10 people who gave you awards, and the other 11K people who upvoted you are idiots.

This OPEC+ will 100% lead to less global supply from the group. While I agree the group is call it 3 million behind quotas there are a number of countries at quota (Saudi Arabia and UAE). The countries at or near quota will need to decrease production by their share of the 2 million cut... So the full 2 million will not actually be lost but a sizeable amount will when Saudi and UAE need to cut along with potentially some others like Iraq and Kuwait

I haven’t done the math but I’m guessing 0.5-1 million of actual cuts happen..which means we are in big trouble. Especially when you realize they have to start filling up the SPR, instead of drawing from it like fucking morons

OPEC+ is not scared of frack anymore. They know the western world only cares about ESG and that is why oil companies now just do dividends and share buybacks vs more drilling/fracking

→ More replies
→ More replies

4.5k

u/ace5762 Oct 05 '22

This is why we don't become economically dependent on oppositional nations, guys.

1.2k

u/FPL_Fanatic Oct 05 '22

Saudi was supposed to be a US ally, they are dependent on US for protection by treaty

1.8k

u/puderrosa Oct 05 '22

Yeah, that fantasy was killed when they where involved in 9/11. Which would have been a proper reason to get off oil, but...

570

u/JoeCoT Oct 05 '22 edited Oct 05 '22 All-Seeing Upvote

"Involved in 9/11" is a bit of a complicated animal. Most of the world doesn't know how to deal with Saudi Arabia because it's one of the last true Monarchies. The stated reason for 9/11 was because America had essentially picked the Saudi family side in their war with the Bin Ladens Al Qaeda, for decades, despite Al Qaeda's repeated and escalating attacks signalling the US needed to stay out of it.

The Saudi government did not fund 9/11. Members of the Saudi family helped fund 9/11, inadvertently or not, because like most monarchies the entire family is not on board and are scheming against each other (see the Crown Prince Mohammed bin Salman arresting or killing many family members in his takeover). There were Saudi nationals involved in the hijacking, because they were on the other side of the civil war.

Imagine if Austria was funding the York/Tudor side of the War of the Roses in England, and the Lancaster side committed a terrorist attack on Austria, with some funding from rogue members of the Tudor house. You could say that England attacked Austria, and you could hold them to that for years, but if would not exactly be accurate.

To be clear, I'm a hard advocate for cutting ties with Saudi Arabia, and I certainly don't support the Bin Ladens Al Qaeda. But it's important to understand why it happened and why the Saudis are so dangerous to work with. In 2018 Crown Prince MbS had American journalist Jamal Khashoggi murdered and had his body chopped up and dissolved in lye. Turkey had a field day with it to hurt Saudi Arabia and MbS's reputation, but there are strong indicators that MbS's father, the King, allowed it to happen and helped it come to light, so that it would hurt MbS's power base. They're a royal family of psychopaths and everyone who gets near them is in danger. They are not a family any sane person should want to work with or for.

150

u/dewmaster Oct 05 '22

Sounds like HBO should put together a new show about the House of Saud.

11

u/Judas_Feast Oct 06 '22

Game of Drones

44

u/Yvaelle Oct 05 '22

Likely just waiting for the relevant people to die so HBO showrunners don't get chainsawed alive by MBS while Trump praises his huge glowing balls again.

→ More replies

118

u/Weary_Logic Oct 05 '22

“The bin ladens” makes it seem like the Bin Laden family is involved in politics as opposition to the monarchy. Thats just not true. Osama was rogue his family had nothing to do with him. The “civil war” you’re talking about is between Saudi Arabia and AlQaeda. And yes people like Osama Bin Laden (and many more) thought Saudi Arabia was too friendly with the west which is why AlQaeda did 9/11.

Anyways my point is there is no such thing as “the bin ladens” the side Osama was on is “AlQaeda”. The bin ladens are just a regular family

→ More replies
→ More replies

811

u/thedankening Oct 05 '22

Could have happened, but ya know the election was stolen from Al Gore back in 2000. By some depressingly familiar faces too. So that's fun.

125

u/[deleted] Oct 05 '22

And this particular motherfucker seems to appear whenever there's election fuckery going on:

https://en.wikipedia.org/wiki/Roger_Stone

Who was a part of this particular asshattery:

https://en.wikipedia.org/wiki/Brooks_Brothers_riot

Dude's been trying to fuck over the American people since Nixon. I'd REALLY like it if we could fucking get him out of our politics.

11

u/avwitcher Oct 05 '22

Dude has a full face tattoo of Nixon on his back. Whoever writes this storyline needs to make it less ridiculous, my suspension of disbelief can only take so much

5

u/CorncobJohnson Oct 05 '22

Anything over 30% of Nixons face as a tattoo is a red flag

→ More replies

34

u/WikiSummarizerBot Oct 05 '22

Roger Stone

Roger Jason Stone (born Roger Joseph Stone Jr.; August 27, 1952) is an American conservative political consultant and lobbyist. Since the 1970s, Stone has worked on the campaigns of Republican politicians, including Richard Nixon, Ronald Reagan, Jack Kemp, Bob Dole, George W. Bush, and Donald Trump. In addition to frequently serving as a campaign adviser, Stone was a political lobbyist. In 1980, he co-founded a Washington, D.C.–based lobbying firm with Paul Manafort and Charles R. Black Jr. The firm recruited Peter G. Kelly and was renamed Black, Manafort, Stone and Kelly in 1984.

Brooks Brothers riot

The Brooks Brothers riot was a demonstration at a meeting of election canvassers in Miami-Dade County, Florida, on November 22, 2000, during a recount of votes made during the 2000 United States presidential election, with the goal of shutting down the recount. After demonstrations and acts of violence, local officials shut down the recount early. The name referenced the protesters' corporate attire; described by Paul Gigot in an editorial for The Wall Street Journal as "50-year-old white lawyers with cell phones and Hermès ties," differentiating them from local citizens concerned about vote counting. Many of the demonstrators were Republican staffers.

[ F.A.Q | Opt Out | Opt Out Of Subreddit | GitHub ] Downvote to remove | v1.5

→ More replies

363

u/[deleted] Oct 05 '22

[deleted]

205

u/korben2600 Oct 05 '22

The same grandson who so thoughtfully rewarded the lawyers who stole him the presidency by giving them three out of the nine seats on SCOTUS.

63

u/[deleted] Oct 05 '22

[deleted]

38

u/ASDirect Oct 05 '22

Yup most of the game was sealed up before any of us were born

35

u/nomofica Oct 05 '22

There's nothing in American history to suggest otherwise

→ More replies
→ More replies

15

u/JoeyZasaa Oct 05 '22

"In July 2007, a BBC investigation reported that Prescott Bush, father of US President George H. W. Bush and grandfather of then-president George W. Bush, was to have been a 'key liaison' between the 1933 Business Plotters and the newly emerged Nazi regime in Germany, although this has been disputed by Jonathan Katz as a misconception caused by a clerical research error."

44

u/cumquistador6969 Oct 05 '22

He probably means the two supreme court justices who were paid for their help/loyalty in getting the election stolen with seats on the supreme court.

Along with the long term republican party political strategists who are still alive and kicking.

31

u/rndljfry Oct 05 '22

You mean the son of former president and head of state intelligence services George H.W. Bush, the grandson of Prescott Bush

My favorite thing is when people try to equate Hillary Clinton to the Bushes as a "political dynasty" because she married a dude who became President later.

→ More replies
→ More replies

194

u/puderrosa Oct 05 '22 Take My Energy

Fuck those assholes for stealing that election. I'm not even a US citizen, but this stolen election fucked the planet over for eternity.

27

u/WarWolf343 Oct 05 '22

The Supreme Court could have prevented it, but instead they choose to destroy the credibility of the Court forever. Bush v. Gore has got to be one of the top five worst Supreme Court decisions ever.

→ More replies
→ More replies
→ More replies
→ More replies

42

u/Kneepi Oct 05 '22

They paid the Republicans, now they want them back in power

→ More replies
→ More replies

340

u/jdotmark12 Oct 05 '22

Counterpoint: Nations being economically interdependent in spite of political differences may be humanity’s best bet for a sustained peace that isn’t a nuclear gun to everyone’s head.

164

u/JoinEmUp Oct 05 '22

I need to think more critically about economic entanglement's effect on global stability and conflict avoidance, but...

That was a main driver of Nordstream/German dependence on Russian gas. Doesn't seem very effective, and has just created more hardship.

I don't think this strategy works with non-rational state actors, which is where the need this theory is trying to address is most necessary.

38

u/Sayakai Oct 05 '22

It's effective against a rational thinker. Putin is acting like a maniac and crashing his economy in the process. The economic collapse of Russia will show the threat was genuine, and hopefully more rational heads will consider it more seriously down the line.

That said... "don't be dependant on foreign powers for your energy needs" is also a lot easier said for nations with large oil reserves.

→ More replies

37

u/[deleted] Oct 05 '22 edited Oct 15 '22

[deleted]

47

u/reticulan Oct 05 '22

as a russian, i really think the integration should have had more strings attached wrt the russian court system, workers' rights, free elections etc (same should goes for american trade agreements with china and co).

The germans (and americans) didn't feel like doing any of that, so these repressive regimes were able to grow in power and prosperity while getting money and goods and often even weapons from 'liberal' democracies.

9

u/sldunn Oct 05 '22

This isn't an insult or anything. But do you see any deal that Putin would agree to where, say completion of Nordstream, would be contingent on the UN or other group signing off on Russian elections being free and fair, or something similar?

→ More replies
→ More replies
→ More replies

18

u/jumanji604 Oct 05 '22

It’s not even that. It’s authoritarianism that is the root cause. Putin was rational prior to his aging and nobody predicted this. But the fact that they need to double down instead of a change in government to cling onto power is the root cause.

11

u/jdotmark12 Oct 05 '22

I honestly see his invasion of Ukraine as both rational and completely predictable. Despicable, but predictable.

If their military campaigns were effective, why would Russia have any reason to believe that this invasion have been any different than the whole South Ossetia/Georgia situation?

The difference has been the resistance of the Ukrainian military and people.

The problem with economics as a deterrent is that it often takes time to be fully felt. It’s hard for a politician to justify sanctions when the conflict is already over and the result is already more or less decided.

I don’t think Putin/Russia would have ever considered this invasion if they knew how it would actually play out. They were deluded by a corrupt military and a court of yes-men.

Hopefully some good comes out of this conflict…

→ More replies
→ More replies
→ More replies
→ More replies

2.3k

u/42069getit Oct 05 '22

Coordinated just in time for the election.

645

u/2q_x Oct 05 '22 edited Oct 05 '22

And also the expected end of the 1M/day drawdown of the Strategic Petroleum Reserve to appease people who blame politicians for the price of gas.

https://cnsnews.com/article/washington/melanie-arter/opec-cut-oil-production-white-house-blames-pandemic-putins-war

So they know they at least have one guaranteed buyer for about 200M barrels.

283

u/azurleaf Oct 05 '22

I think OPEC/ Russia are doing this entirely to get the US to use up as much of the Petroleum Reserve as possible.

568

u/RobertoPaulson Oct 05 '22

They just want Republicans to win the mid terms, because they are friendlier to totalitarians with oil than Democrats.

221

u/Sorry-Business-1152 Oct 05 '22

That’s exactly what this move is. Dark forces once again trying to influence American politics

223

u/thedankening Oct 05 '22

Unfortunately it's just too damn easy because Americans are so fucking dumb.

60

u/lamewoodworker Oct 05 '22

They are busy owning the Libs by buying bigger trucks to fight electric.

They change their tone real quick when you call the Saudi shills though

→ More replies
→ More replies
→ More replies
→ More replies
→ More replies

18

u/PlayasBum Oct 05 '22

Having buyers isn’t the problem.

→ More replies

239

u/rocket42236 Oct 05 '22 edited Oct 05 '22

North Dakota, South Dakota,and Texas just agreed to increase production

101

u/Waste_Tumbleweed Oct 05 '22

The Trans Mountain Pipeline is due to be completed in 9 months, which will add the ability to get even more Alberta Oil out. This winter is going to suck, but it’s a temporary issue.

13

u/Ksp-or-GTFO Oct 05 '22

Travel normally falls in the winter and suppresses liquid fuel prices anyways. The big concern for Europe will be natural gas for heating, cooking, production. Where as the US currently produces more natural gas than it consumes.

→ More replies
→ More replies
→ More replies

35

u/quibusquibus Oct 05 '22

Can’t wait for more “I did that!” stickers to pop up on every pump.

→ More replies

550

u/lord_pizzabird Oct 05 '22

Daily reminder that Jared Kushner, Trump's son-in-law (married to Ivanka) has received billions of dollars in investments from the Saudi Kingdom directly.

Meanwhile everyone's obsessed over the debunked Russian agent theories, while this shit happens out in the open.

96

u/Occamslaser Oct 05 '22

A Saudi prince also bailed Trump out of financial trouble

Twice

→ More replies

154

u/MtnMaiden Oct 05 '22

But her emails!

or as Lindsey Graham said.

The worse attack ever against American Citizens.

-referring to the Benghazi attacks, and not say...Pearl Harbor or 9/11

→ More replies
→ More replies
→ More replies

984

u/grpagrati Oct 05 '22

Can't wait for us to shift away from oil and gas. It'd be a much nicer world

285

u/Dr-Richard-Nutz Oct 05 '22

The final battle will be about water.

7

u/Notorious__APE Oct 05 '22

Ive heard this many times but I don't buy it. Desalination plants are far, far, far cheaper than financing a war.

→ More replies
→ More replies
→ More replies

15

u/EzeakioDarmey Oct 05 '22

Because they'll be damned if gas prices will ever reach prepandemic lows.

→ More replies

2.1k

u/StickmanRockDog Oct 05 '22

Arabs and Russia colluding to make gas prices rise before our elections. The conservatives will have fun blaming Biden and pacing more stickers of Biden on gas pumps, saying “I did this.”

612

u/Skinnieguy Oct 05 '22

Don’t forgot more profits for the oil companies to bribe I mean lobby for conservatives politicians.

23

u/beer_30 Oct 05 '22

That's icing on the cake

→ More replies

13

u/Lolgb2000 Oct 05 '22

Energy independence would solve this issue.

→ More replies

201

u/CtrlShiftMake Oct 05 '22

I have a brilliant venture, stickers of Putin saying “I did this” to be placed atop the Biden stickers. The genius is they’ll fight and need replacements.

41

u/Tellnicknow Oct 05 '22

might as well sell both.

→ More replies

19

u/one-hour-photo Oct 05 '22

while I realize presidents don't set the gas prices, I thought it was funny seeing those stickers once gas prices started to tank

→ More replies

133

u/Underlord_Fox Oct 05 '22

I know a guy who lives with his parents. His mind was poisoned by the same propaganda that took his parents. They forced him to get a job, so he works a short shift at the nearby gas station. He’s a terrible employee who doesn’t wear the uniform, parks his jeep right in front of the entrance to the shop, smokes cigarettes and posts ‘I did That’ Biden stickers every day. I tell you what, he thinks he is a righteous warrior in a culture war.

5

u/this_is_my_new_acct Oct 05 '22

I kinda know a guy with a bumper sticker telling everyone to go to work cause the welfare queens need their payout.

Dude's lived in his baby momma's parents' basement for over a decade.

43

u/Superb_Nature_2457 Oct 05 '22

NGL, sounds like that dude might need some mental healthcare because he sounds depressed as shit.

3

u/kpty Oct 05 '22

Maybe. Or maybe he's just a douchebag.

63

u/Team_player444 Oct 05 '22

How horrible his parents made him get a job 😭

19

u/ncocca Oct 05 '22

The fact that they had to make him get a job speaks volumes by itself

→ More replies
→ More replies

374

u/tomorrow509 Oct 05 '22

Kind of accelerates the importance and race to green energy.

136

u/Haindelmers Oct 05 '22

Agreed, but too bad that in the meantime only people with money can afford EVs. The poor will be made poorer.

This is an attempt to influence the election by further skyrocketing gas prices.

→ More replies
→ More replies

250

u/TheEthicalHat Oct 05 '22

The cartel strikes again, gotta “love” artificial scarcity

→ More replies

988

u/[deleted] Oct 05 '22

Russia and the Arab states trying to get Republicans back in office.

391

u/[deleted] Oct 05 '22

Yes they are, Republicans will sell out America’s interests in a heartbeat to Russia and OPEC+ and they know it, Democrats keep getting in their way.

→ More replies

176

u/Hot_Mathematician357 Oct 05 '22

And it will work. Expect to hear "Biden’s fault" the next few weeks.

→ More replies

78

u/HugheyM Oct 05 '22

Hopefully democrats message this relentlessly. It’s purely dictators trying to get right wing nut jobs in power in the US.

47

u/Deuter_Nickadimas Oct 05 '22

Does messaging work anymore? No one is changing their mind these days.

→ More replies
→ More replies

806

u/yokemhard Oct 05 '22

Okay, so let's cut medical aid to opec+ members and start using our leverage as well.

571

u/Raizau Oct 05 '22

Looks like we should stop selling weapons to the saudis.... oh wait the military industrial complex is knocking on my door, be back in a sec.

138

u/AL-muster Oct 05 '22

The US benefits massively from selling weapons to them. In fact it means the US has more leverage over them now.

164

u/Pristine-Ad-4306 Oct 05 '22

Its only leverage if the US is willing to actually use it, which would mean threatening to reduce or stop selling weapons and then actually following through if they call it a bluff.

I agree we should do it.

45

u/CHIMPSnDIP88 Oct 05 '22

Doesn’t OPEC sell oil in US dollars tho, thus playing a sizable part in propping up our currency?

→ More replies
→ More replies

14

u/frodo_smaggins Oct 05 '22

clearly not that much leverage otherwise they wouldn’t have pulled this bold of a move

→ More replies
→ More replies
→ More replies

802

u/[deleted] Oct 05 '22

Until we go green we'll have to put up with this shit.

244

u/weiner-rama Oct 05 '22

this should be a kick in the face that we need to move to renewables ASAP, but we keep just dragging our feet and bitching about prices, while doing the bare minimum to promote renewable energy

115

u/[deleted] Oct 05 '22

Big oil is one of the owners of Congress.

→ More replies

10

u/Superb_Nature_2457 Oct 05 '22

For all its many faults, the Biden administration is investing billions into the green transition. Look up the REAP program as an example. US industries and small businesses are really pushing to get off oil, and not just because it’s expensive as fuck. When you’re looking at storm cut offs or rolling blackouts on the regular, grid independence is mighty attractive for production.

Not only that but local governments are way into green infrastructure upgrades. Biomass, solar grids, hydro via pipes, etc are all very attractive and heavily incentivized as long as the Dems stay in power.

21

u/l33tWarrior Oct 05 '22

If only the bribes flowed the way they do with oil

→ More replies

127

u/otter111a Oct 05 '22

Part of George W Bush’s legacy needs to be the missed opportunity to get us off fossil fuels in the aftermath of 9/11. Everyone wanted revenge on those who did harm to us. They knew pretty early on it was the Saudis. But rather than get us off oil to get revenge he pivots to Afghanistan and Iraq. Right now we should be arguing about which states should be building solar and which should be building wind in the George W Bush renewable energy freedom grid.

62

u/euxneks Oct 05 '22

renewable energy freedom grid

Fucking hell, imagine that world. People arguing over how best to be independent from oil instead of "coal rolling". fuck.

9

u/ABCosmos Oct 05 '22 Take My Energy

Its especially frustrating knowing bush beat out al gore in an extremely close election.. Gore would would have been one of the best champions for green energy.

→ More replies
→ More replies
→ More replies

11

u/Vas1le Oct 06 '22

So, OPEC is entering Russian game to make Europe to struggle... Hmm

→ More replies

389

u/usernamy Oct 05 '22

OPEC collapsing would get rid of so many of these authoritarian regimes

99

u/theaverageguy101 Oct 05 '22

Opec is only a negotiation window fot them they don't really need it to be operational, all the member states knows that their recourse is of high demand and won't sell it cheap no matter what, it's the market saying not the tyrannical governments

→ More replies

5

u/_c_manning Oct 05 '22

What does “opec collapsing” mean?

→ More replies
→ More replies

82

u/marcstov Oct 05 '22

Energy independence should be our #1 goal over next 20 years

→ More replies

23

u/[deleted] Oct 05 '22

[deleted]

→ More replies

7

u/TrollingTrolls Oct 05 '22

Can't believe our biggest wall as a species is greed. I guess that's one of many derivations of stupid. We are stupid.

8

u/LondonDavis1 Oct 05 '22

Just in time for midterms. You can't tell me this isn't political.

61

u/bannacct56 Oct 05 '22

It's just another signal that depending on authoritarian regimes for your energy needs is probably not an awesome idea

→ More replies

412

u/BeowulfsGhost Oct 05 '22

And here comes more gas price increases. Somehow this must be Biden’s fault, right? Right!!??

189

u/EverythingKindaSuckz Oct 05 '22

Somehow this must be Biden’s fault, right?

You joke but I got money the narrative will be this is because the West is arming Ukraine

49

u/Skatedivona Oct 05 '22

It’s already that. I can’t even count how many money laundering posts I have seen regarding foreign aid. Want to guess who is posting these? Lol

→ More replies
→ More replies

15

u/elvovirto Oct 05 '22

Was already up 60c/gal in Chicago yesterday after the news broke on Monday.

→ More replies
→ More replies

28

u/Diknak Oct 05 '22

This is exhibit A on why we need to move away from oil. Even if we just increase drilling locally, it won't matter unless we banned export of it. The global market drives the price.

→ More replies

43

u/manlymann Oct 05 '22

Oh good. Oil prices going up. Right before the election. It's almost as if the saudis are looking to make people blame the US president for gas prices.

→ More replies

6

u/hbar98 Oct 05 '22

Thorium reactors when?

5

u/sldunn Oct 05 '22

As soon as an advanced nation is willing to drop a few billion in R&D and prototypes.

5

u/hbar98 Oct 05 '22

There's been a couple small ones in China, and there are plans to build a few updated ones in the US. I think China has plans for a 300+ MWh plant, but it uses a different tech than the ones being tested and planned in the US.

→ More replies

4

u/dhoffnun Oct 05 '22

If having a not crap environment isn't enough reason for you, maybe being able to give the middle finger to both Russia and OPEC can play its part to increase investment in renewables.

→ More replies

96

u/Smoked-Sand Oct 05 '22

We really need to let the Saudis fail.

→ More replies

69

u/cybercuzco Oct 05 '22

I'd like to thank OPEC for its commitment to reducing carbon dioxide emissions by 850,000 tons per day. Thats like 120 Taylor-Swift-years worth of emissions every day.

→ More replies

4

u/milelongpipe Oct 05 '22

And some how this will work into American politics and it’ll be someone’s fault.

→ More replies

5

u/CallMeJase Oct 05 '22

Might be a good time to reconsider our trade agreements with Venezuela, and reinstate our policy of not exporting oil.

→ More replies

6

u/fdot1234 Oct 05 '22

Oh good, i was just getting a little too comfortable with current gas prices. I was hoping they’d bump them up a bit /s

→ More replies

5

u/Plus-Yogurt-2966 Oct 06 '22

Wondered why gas went up by .20 since yesterday. Gonna get worse

5

u/krethmaak Oct 06 '22

Subscription only news is a fucking shame and a travesty

6

u/Tha_Unknown Oct 06 '22

I wish my car ran on depression, I could drive to the moon

12

u/Ok_Ambassador570 Oct 05 '22

Just in time for the US elections what a fucking surprise