Former Minister of Finance Lawrence H Sommer has expressed concern about the decision OPEC+ after The Alliance reduced their production by 2 million barrels a day, a decision that didn’t end well biden Administration.
“This is not good news from OPEC. It increases risks related to inflation and recession. Feeling that Saudi Arabia is collaborating with Russia in any way can’t be happy for Americans,” Summers tweeted about his interaction on CNN.
Tonight M @Wolfblitzer @CNNSitRoom: This is not good news from OPEC. It increases risks related to inflation and recession. Feeling that Saudi Arabia is in some form collaborating with Russia cannot be happy for Americans. https://t.co/qtGIwuPdHT
— Lawrence H Summers (@LHSummers) October 7, 2022
Also read: The best oil ETFs
About dependency: Summers, the President Emeritus Harvard, also stressed the importance of reducing dependence on unstable and troubled parts of the world for America’s energy needs.
“The way we need to think about this is not to do a fire drill every time we have an oil price problem, but to reduce our fundamental reliance on unstable and troubled parts of the world for our energy,” he said added that this means that Sen. Joe Manchin‘s (D-WV) Draft permit required to act quickly.
Price promotion: Oil prices have risen following OPEC+’s decision to cut production. That United States Brent Oil Fund BNO has gained over 10% in the last five days while the Vanguard Energy Index Fund ETF VDE increased by over 14% over the same period.
The alliance’s decision to “NOPEC“ Invoice is gaining momentum in the United States. If the law is passed by both chambers of Congress and signed by the President Joe Bidenwould it change US antitrust laws to remove the state immunity that has protected OPEC+ members and their national oil companies from lawsuits, reported Reuters.
On the recession: Summers also said a recession in…
