Thompson Urges President Biden to Hold OPEC Accountable Following Decision to Slash Oil Production
Posted: October 9, 2022
St. Helena – Today, Rep. Mike Thompson (CA-05) sent a letter to President Biden urging him to work with our allies and other impacted countries to take joint action to reduce oil dependency following the decision of the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production by 2 million barrels per day.
“The decision by OPEC to slash oil production quotas is shortsighted, egregious and threatens the economic stability of countries around the world,” said Thompson. “The United States and other impacted countries must send a clear message to OPEC that any supply disruption will not be taken lightly and can be countered with actions that will permanently reduce demand for their oil and petroleum. OPEC’s decision to support Russia at the expense of exacerbating the energy shortage will only accelerate the transition away from an oil-based world economy.
“I am ready to work with President Biden and my colleagues to find a path forward to legislation that will offset the OPEC production costs and lessen our dependence on fossil fuels.”
Read the full letter here.