Oil prices shot up by nearly $4 per barrel on Monday when OPEC+ shared it could cut production by over a million barrels per day.
The cut would be larger than any move since before the pandemic in a change that could demolish the left's momentum ahead of the midterms.
Epic fail https://t.co/4dbOa0Z9qE
— Eli (@RobertEliason7) October 5, 2022
"The primary reason for the potential production cut is reduced demand from China, which continues to lock down its cities due to coronavirus outbreaks. Oil dropped from $120 per barrel to less than $90 over the past four months due to China's reduced demand and recession fears in other countries," Breitbart News reported.
"OPEC+ reduced production by 100,000 barrels per day last month," it added.
Biden is incompetent.
CNN: Biden WH ‘Panicking’ and Making ‘Furious, Last-Ditch’ Effort to Convince OPEC Not to Cut Production https://t.co/oRGc2TfrgI
— We hold these truths to be self-evident... (@BradH0101) October 5, 2022
The news couldn't be worse for the left ahead of the November midterms. The oil price issue adds to soaring inflation as Americans are expected to vote out Democrats under Biden's failed economic policies.
The move could also signal upcoming problems for the nation as the economy already faces a recession ahead of the anticipated oil production cuts.