I haven’t heard anyone talking about it but it’s pretty clear the energy sector is trying to affect the next election.
Biden has talked about taxing “windfall profits” of the oil industry, as they desperately try to make up their losses from during the pandemic when nobody was driving. Despite crude prices falling, the oil cartel is keeping end-user prices at record highs, and their profits are breaking all records. This gas price peak hurts Biden in the polls.
The Saudi family has had a frosty relationship with Biden for most of his career. They openly disparage him. At the same time the House of Saud invested $2 billion in Jared Kushner’s new venture. They are big fans of Trump, who looked the other way during the Kashoggi murder.
It’s to their advantage, therefore, to support the oil industry in trying to hurt Biden by not increasing production or releasing reserves.
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