President Joe Biden’s approval rating dropped below 50 percent in July for the first time in his presidency. He should expect it to fall further after this week’s desperate plea to Saudi Arabia and the rest of the OPEC cartel to raise global oil production to ease rising prices.
Biden is not the first president to lobby OPEC for more oil. The resident of the White House has bent a knee to the oil-rich Middle East since the 1970s. But none of Biden’s predecessors did so while pursuing an aggressive anti-oil agenda.
Even Biden’s old boss, former President Barack Obama, at least feigned appreciation for the oil industry and the economic power of the shale sector during his eight years in the White House.
Biden set his own course, though, doubling down on addressing climate change and vowing to spend whatever it takes to wean Americans off oil and gas. The reaction of the market was predictable, if somewhat delayed due to COVID-19’s impact on demand. Once vaccines became available and demand started to recover, tight supply sent gasoline prices climbing.
