https://www.foxbusiness.com/markets/biden-opec-great-again
By Phil Flynn – FOXBusiness
OPEC, which met its match in Trump, sees Biden as a business booster
On his first day in office, Biden made decisions that spread joy across the OPEC nations by revoking the permit for the Keystone Pipeline, which would help make Canadian oil less competitive on the global market allowing the cartel to maintain or even gain global oil market share. That eliminated at least 11,000 oil and gas jobs in the U.S. and Canada that should now be picked up by OPEC.
The administration also temporarily banned the issuance of new permits and leases for drilling and fracking on federal lands as reported by FOX Business. The U S. Chamber of Commerce warns that a ban on fracking would eliminate 19 million jobs between 2021-2025 while reducing U.S. Gross Domestic Product by $7.1 trillion over the same period.
This is a welcome shift for the poor OPEC cartel that had fallen on hard times in recent years. Not only did they take a huge financial hit from the historic drop in demand from COVID-19 last year they have also had to compete with U.S. and Canadian oil and gas producers for jobs and market share for their energy exports. Last year was also particularly tough for the group as OPEC’s net oil export revenues were a paltry $272 billion, a 45.7 percent drop compared to 2019.
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Biden’s policies will also be a big win for Russia and President Vladimir Putin. Maybe it is an olive branch from Biden after falsely accusing poor Vlad of conspiring with the Trump campaign.
