OPEC Is At It Again

Happy Earth Day! Let's talk about oil!

You might have noticed, but gas prices are up and it is not slowing down. 

OPEC, the Organization of Petroleum Exporting Countries, is being accused by the United States Government of artificially raising the prices of crude oil. Support for these accusations lies with the facts that the OPEC nations are economically in bed with Russia and that they have been purposefully limiting oil production since 2016.

Why would they do this?

Well, it's a power move.  

The United States, under President Trump, is opening up lands that were previously inaccessible to oil and gas companies, and with this the United States stands in a position to become 100% energy-independent. In fact, the prospects for energy-independence all started under the last administration with President Obama and his support for fracking. To combat the Obama administration, OPEC dropped the price of oil as low as $30/barrel to price the United States Oil and Gas companies out of the market. For reference, the benchmark oil price is $68/barrel and prices are up nearly $75/barrel today.

Many financial experts expect to see oil prices climb as the United States continues to apply economic and political pressure to major OPEC allies, such as Russia, Iran, and China. Much of this part of the world would struggle with an energy-independent America. But, though it may cause some political strife, energy independence is something that America needs to fight for.

Between the oil and gas preserves present in the United States, and the rapidly developing and continuously improving technologies of renewable energy sources, the United States needs to make it a focus to become energy independent.

This is a goal that should be agreeable across the whole political spectrum and one that, if achieved, would bring great benefit to the United States. The fact that our gas prices, and therefore our wallets, are affected by a handful of monarchal nations that are, at best, allies of convenience is something that just should not be acceptable to American politicians and the American voter. And before you accuse me of blowing this out of proportion, consider that according to a New York Times report, these increases at the pump are costing Americans over $130 million each day. 

I know a lot has changed in the last 242 years, but one thing that has not changed is that Americans certainly do not take kindly to far-away monarchies affecting our bottom line. It is time to break away from OPEC and start controlling our own fuel. 

Jake GavinComment