The Facts
The International Energy Agency (IEA) warned Friday that oil prices could increase further as major suppliers tighten supply amid rising global demand.
The IEA's prediction comes as oil touched a six-month high above $88 a barrel in London amid the post-pandemic resurgence in oil consumption and supply restraint by the Saudi-led Organization of the Petroleum Exporting Countries and its allies (OPEC+).
The Spin
Democratic narrative
Though Pres. Biden has been accused of being an enemy of the American oil industry, it's precisely during his stint that oil production is set to reach 12.8M bpd for the first time — nearly 3M bpd more than Saudi Arabia, the next-closest producer. Republicans may unfoundedly claim that Biden is to blame for increasing oil prices when growing domestic output is, in fact, cushioning the impact of OPEC+ output cuts.
Republican narrative
If the US oil industry has been able to counter OPEC+ production cuts, it's not due to Biden since he's an outspoken critic who has expressed his ambition to stop all drilling across the US. If America had a consistent energy agenda focused on its people's best interests instead of the ESG movement's, domestic oil output would be even higher.
