Biden now considers telling American businesses to stop investing and expanding in Saudi Arabia after failing to get Kingdom to delay the OPEC production cut - and as Republicans demand he tap into domestic sources

[Scott]

 

One of the potential 'consequences' for Saudi Arabia backing an oil production cut is coming into focus, with a report the Biden administration may urge U.S. businesses not to invest in Saudi Arabia.

The move, while voluntary in nature, could chip away at longstanding U.S.-Saudi business ties, at a time when prominent Democrats are calling to reexamine the U.S. relationship with the kingdom after OPEC+ announced an oil production cut that goes into effect next month.

The decision infuriated the administration, and President Biden vowed there would consequences. 

https://www.dailymail.co.uk/news/article-11327983/Biden-considers-telling-American-business-stop-investing-expanding-Saudi-Arabia.html

 

[2baht]

High time people woke up to the oppressive regime in Saudi Arabia!

[KhunLA]

High time people woke up to the oppressive regime and bullying politics of the USA.

 

Winning hearts the world over ... ????

[Eric Loh]

39 minutes ago, KhunLA said:

High time people woke up to the oppressive regime and bullying politics of the USA.

 

Winning hearts the world over ... ????

I didn't realize that stoning for adultery is now allowed in USA. 

[SunnyinBangrak]

14 minutes ago, Eric Loh said:

I didn't realize that stoning for adultery is now allowed in USA. 

I didn't realize Quid Pro Quo'ing with foreign sovereign nations for political gain before an important election was all cool and good again? My how things change in such a short time.

[KhunBENQ]

Now the Saudis can save even more of their precious oil and continue buying cheap Russian oil for their domestic use or even resell it with extra profit.

Edited October 19, 2022 by KhunBENQ

[Eric Loh]

18 minutes ago, SunnyinBangrak said:

I didn't realize Quid Pro Quo'ing with foreign sovereign nations for political gain before an important election was all cool and good again? My how things change in such a short time.

Fine if the policy help fight inflation for the people contrasting with quid pro quo for himself to steal an election. 

[Bluespunk]

4 hours ago, Scott said:

One of the potential 'consequences' for Saudi Arabia backing an oil production cut is coming into focus, with a report the Biden administration may urge U.S. businesses not to invest in Saudi Arabia.

Regional geopolitical issues mean this probably won't happen...

[pomchop]

great job LIV golf...suck up to the $$ and whine all the way to the bank about how unfairly you are treated....be sure to tell your wives/ girlfriends to cover up when visiting so they don't get stoned or worse....

[AndyFoxy]

2 hours ago, SunnyinBangrak said:

I didn't realize Quid Pro Quo'ing with foreign sovereign nations for political gain before an important election was all cool and good again? My how things change in such a short time.

He ain’t called Quid Pro Quo Joe for nothing.

Edited October 19, 2022 by AndyFoxy

[placeholder]

13 minutes ago, AndyFoxy said:

He ain’t called Quid Pro Quo Joe for nothing.

As far as I'm aware, he ain't called Quid Pro Quo Joe at all except by right wing politicians who want to distract from the nastiest use of Quid Pro Quo that I can recall being used by any President.

[onthedarkside]

A trolling post and then ensuing bickering exchange between two members has been removed.

 

[onthedarkside]

Following up on a buried mention in the OP news report:

 

Biden to release another 15M barrels from strategic reserve

President Biden will announce Wednesday that he is authorizing the release of another 15 million barrels from the Strategic Petroleum Reserve. The draw completes the U.S. plan announced earlier this year to release a total of 180 million barrels.

 

Senior administration officials told reporters Tuesday that the additional 15 million barrels will be released sometime in December. It is aimed at ensuring there's enough oil on the market to ensure gasoline prices don't spike up, no matter what actions Russia and other big players take. OPEC+ announced that it plans to cut production in November by 2 million barrels a day, though it's unclear how quickly that cut could take hold.

 

(more)

 

https://www.npr.org/2022/10/18/1129788081/biden-to-release-another-15m-barrels-from-strategic-reserve

 

[candide]

5 hours ago, Eric Loh said:

Fine if the policy help fight inflation for the people contrasting with quid pro quo for himself to steal an election. 

In particular, delaying production custs would have allowed people to fill up their fuel tank before winter at a a lower price.

[Scott]

Here's a little about one company's plans:

 

SUSTAINABLE ENERGY

EV maker Lucid to

accelerate plans with

its Saudi Arabia

factory, its first

outside the U.S.

U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company has announced.

The manufacturing facility will be able to produce 155,000 vehicles a year, and will initially serve the local market, the luxury car maker said in a press release Wednesday. The vehicles will later be exported to global markets.

 

Lucid’s factory in Arizona can produce 350,000 units a year.

https://www.cnbc.com/2022/05/19/lucid-group-to-build-first-factory-outside-the-us-in-saudi-arabia.html

[nauseus]

On 10/19/2022 at 10:02 AM, Eric Loh said:

Fine if the policy help fight inflation for the people contrasting with quid pro quo for himself to steal an election. 

There is no policy to help fight inflation - more like the opposite.

[nauseus]

On 10/19/2022 at 3:16 PM, onthedarkside said:

Following up on a buried mention in the OP news report:

 

Biden to release another 15M barrels from strategic reserve

President Biden will announce Wednesday that he is authorizing the release of another 15 million barrels from the Strategic Petroleum Reserve. The draw completes the U.S. plan announced earlier this year to release a total of 180 million barrels.

 

Senior administration officials told reporters Tuesday that the additional 15 million barrels will be released sometime in December. It is aimed at ensuring there's enough oil on the market to ensure gasoline prices don't spike up, no matter what actions Russia and other big players take. OPEC+ announced that it plans to cut production in November by 2 million barrels a day, though it's unclear how quickly that cut could take hold.

 

(more)

 

https://www.npr.org/2022/10/18/1129788081/biden-to-release-another-15m-barrels-from-strategic-reserve

 

Strategically idiotic.  

[steven100]

Would have to be the worst president the US has ever had .....  

Messed up Saudi relations ...

Afghanistan withdrawal an absolute bungled nightmare ....

US energy policy is an absolute joke ...

Preventing the Russia invasion of Ukraine was a total US stuff up from the start ...

 

I suggest sleepy Joe finish his disastrous term real soon and the voters put someone in who has real leadership skills.   I don't know who,  but anyone would have to be better than the current clown.   imo

[candide]

22 hours ago, Scott said:

Here's a little about one company's plans:

 

SUSTAINABLE ENERGY

EV maker Lucid to

accelerate plans with

its Saudi Arabia

factory, its first

outside the U.S.

U.S. electric vehicle maker Lucid Group will set up its first overseas factory in Saudi Arabia, the company has announced.

The manufacturing facility will be able to produce 155,000 vehicles a year, and will initially serve the local market, the luxury car maker said in a press release Wednesday. The vehicles will later be exported to global markets.

 

Lucid’s factory in Arizona can produce 350,000 units a year.

https://www.cnbc.com/2022/05/19/lucid-group-to-build-first-factory-outside-the-us-in-saudi-arabia.html

Manufacture electric cars in S.A. Brilliant!

[candide]

13 minutes ago, nauseus said:

Strategically idiotic.  

Why?

[Hanaguma]

20 hours ago, candide said:

Why?

The Strategic Petroleum Reserve is supposed to be for true national emergencies- power grid outages, war, calamity, etc.  Not just to try and gain a political advantage by temporarily lowering the price of gas.  Biden has now used 1/3 of the total reserve, just to look good and avoid actually using America's untapped fossil fuel potential.

Biden playing politics with it, drawing it down to the lowest level in decades, is borderline criminal.

[candide]

1 hour ago, Hanaguma said:

The Strategic Petroleum Reserve is supposed to be for true national emergencies- power grid outages, war, calamity, etc.  Not just to try and gain a political advantage by temporarily lowering the price of gas.  Biden has now used 1/3 of the total reserve, just to look good and avoid actually using America's untapped fossil fuel potential.

Biden playing politics with it, drawing it down to the lowest level in decades, is borderline criminal.

The United States started the petroleum reserve in 1975 to mitigate future supply disruptions as part of the international Agreement on an International Energy Program, after oil supplies were interrupted during the 1973–1974 oil embargo. The situation is quite different now. Since the a policy started by the Obama administration, the U.S. is self-sufficient and even net exporter. There is no need to maintain the same level of strategic reserve.

 

 

[2baht]

22 hours ago, steven100 said:

Would have to be the worst president the US has ever had .....  

Messed up Saudi relations ...

Afghanistan withdrawal an absolute bungled nightmare ....

US energy policy is an absolute joke ...

Preventing the Russia invasion of Ukraine was a total US stuff up from the start ...

 

I suggest sleepy Joe finish his disastrous term real soon and the voters put someone in who has real leadership skills.   I don't know who,  but anyone would have to be better than the current clown.   imo

I think Mickey Mouse would be a good next president, American's can relate to him! He surely could'nt be worse than Nixon or Reagan or Trump or Biden or........................................... 

[xylophone]

22 hours ago, steven100 said:

Would have to be the worst president the US has ever had .....  

Messed up Saudi relations ...

Afghanistan withdrawal an absolute bungled nightmare ....

US energy policy is an absolute joke ...

Preventing the Russia invasion of Ukraine was a total US stuff up from the start ...

 

Certainly was, and a compulsive liar and cheat with it............Oh, sorry you're not talking about the impeached ex pres!! The relationship with Saudi Arabia is a joke and has been for years, even way before the last few presidents.

 

If you want to understand a bit of history about this, then watch the doco, "Bitter Lake". Exellent.

[nauseus]

1 hour ago, candide said:

The United States started the petroleum reserve in 1975 to mitigate future supply disruptions as part of the international Agreement on an International Energy Program, after oil supplies were interrupted during the 1973–1974 oil embargo. The situation is quite different now. Since the a policy started by the Obama administration, the U.S. is self-sufficient and even net exporter. There is no need to maintain the same level of strategic reserve.

 

 

If the US can export then why is Biden begging Saudi. Iran and Venezuela for oil?

 

I agree that the situation is quite different now but a full SPR is probably more important than ever.

[candide]

8 minutes ago, nauseus said:

If the US can export then why is Biden begging Saudi. Iran and Venezuela for oil?

 

I agree that the situation is quite different now but a full SPR is probably more important than ever.

He's not begging for oil to be sent to the U.S.!

 

As you perfectly know, It's because the price of oil is global. So in order to get prices down in any country (except by lowering taxes), It's necessary to get the global price down by increasing supply internationally.

[nauseus]

14 minutes ago, candide said:

He's not begging for oil to be sent to the U.S.!

 

As you perfectly know, It's because the price of oil is global. So in order to get prices down in any country (except by lowering taxes), It's necessary to get the global price down by increasing supply internationally.

Internationally must include the US itself but Biden's policies are having the reverse effect.

 

Flogging off the SPR is moronic - it might be needed for its intended purpose one day. 

[candide]

13 minutes ago, nauseus said:

Internationally must include the US itself but Biden's policies are having the reverse effect.

 

Flogging off the SPR is moronic - it might be needed for its intended purpose one day. 

He's not having the reverse effect, he's putting more oil on the market.

 

BTW, the decrease of the SPR has been voted in a bipartisan law in 2018.

Edited October 21, 2022 by candide

[Hanaguma]

1 minute ago, candide said:

He's not having the reverse effect, he's putting more oil on the market.

A miniscule amount though on global terms- one week of the Saudi cutback.  No, it is obviously a domestic political play to save his party from a shellacking in the coming election.  He could also have been getting oil from a close friend and ally to the north if he hadn't stupidly nixed the Keystone pipeline.    

 

If I were an oil exec I would be very very reluctant to make any long term investments in the US at this time. The climate is hostile and chance of seeing a return is very small. From Newsome to Biden, they are all fanatically anti fossil fuel.

[candide]

27 minutes ago, Hanaguma said:

A miniscule amount though on global terms- one week of the Saudi cutback.  No, it is obviously a domestic political play to save his party from a shellacking in the coming election.  He could also have been getting oil from a close friend and ally to the north if he hadn't stupidly nixed the Keystone pipeline.    

 

If I were an oil exec I would be very very reluctant to make any long term investments in the US at this time. The climate is hostile and chance of seeing a return is very small. From Newsome to Biden, they are all fanatically anti fossil fuel.

As already stated this is a global issue and not a U.S. issue. There is no shortage in the U.S. so getting oil from Canada will not solve the global supply issue.

 

I agree that it is not in the interest of oil companies to make any long-term investment in any country, as there are uncertainties about the long-term demand and prices. There are currently plenty of permits which are not used. Their exploitation may be profitable under current prices, but not under the prices expected in a few years' time. This is a global and long-term trend. Worldwide investment in oil and gas started to decrease in 2015 and it's not going to recover the pre-2015 level.