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President Biden has urged the Organization of the Petroleum Exporting Countries to increase production of oil and criticized the cartel harshly when it declines to do so—most recently on Dec. 4. But actions speak louder than words. Under the Biden administration, the U.S. has been acting as shadow member of the cartel.
America has committed itself to constrain its own supply through regulations and legislation, which has enabled OPEC to achieve record profits. The White House response to higher cartel profits was to double down by proposing a profit tax that would further limit U.S. supply. The new House Republican majority could help consumers by blocking further cartel-enabling policies.
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