There’s not much oil left for Joe Biden to find
Joe Biden thinks Saudi Arabia can bail out US drivers, but there's hardly any oil for him to squeeze out.
With US gasoline prices still above $4.50 per gallon, president Joe Biden is under immense pressure to balance the global oil market. Asking consumers to use less oil is a political dead end. His best bet is to get producers to pump more out more barrels. He hopes to do that during a visit to Saudi Arabia and the United Arab Emirates this week.
The problem is that global oil production is already running practically full-steam. Production in the US’s biggest shale oil basin hit a record in June. For some OPEC members, including Nigeria and Libya, drilling is crippled by mismanagement and conflict. Saudi and the UAE have a bit more drilling capacity, but it’s unclear if they will be willing or able to put it to use. Consider this data from June:
https://datawrapper.dwcdn.net/En90T/1/
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