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Today was a really interesting and embarrassing day for the White House.
The first reports that broke were via a White House statement claiming that the Saudis had agreed to ramp up oil production by 50 percent for the next two months.
Saudi quickly rebutted the claim, again embarrassing both Biden and this country.
Here We Go…
After Biden met with the Saudis, the White House stated, “Saudi Arabia has committed to support global oil market balancing for sustained economic growth.
“We have welcomed the increase in production levels 50 percent above what was planned for July and August.
“These steps and further steps that we anticipate over the coming weeks have and will help stabilize markets considerably.”
That lasted about 10 seconds before Saudi Arabia launched a bombshell.
Saudi Minister of State for Foreign Affairs Adel al-Jubeir stated, “The problem of gasoline in the United States is more a function of the lack of refining capacity in the United States than a shortage of actual crude oil.”
He went on to say that Biden never really discussed oil production in the meetings.
Then, the Crown Prince made a statement that if and when the Saudis can increase capacity, it will be no more than 13 million barrels a day.
The current capacity is around 11 million barrels per day, so even if they max out, that is nowhere near the 50 percent that Biden claimed.
Furthermore, the Crown Prince slammed Biden’s aggressive climate change agenda for putting the entire fossil fuel industry at risk and destabilizing the market.
Basically, once Biden left the building, the Saudis poured water over everything he claimed happened.
They either played him for a fool or he was outright lying again.
Either way, it is a very bad look for this administration.
