Biden ‘got caught flat-footed’ over OPEC+ production cuts: Mick Mulvaney
Former Acting White House Chief of Staff Mick Mulvaney says the Biden administration didn’t think OPEC+ oil cuts were coming.
After the Biden White House announced it would release 10 million more barrels of oil from the U.S. Strategic Petroleum Reserve just one day after claiming it wasn’t considering new releases, former Acting White House Chief of Staff Mick Mulvaney called out the administration’s bluff on "Mornings with Maria."
"When the press secretary yesterday says they're not preparing or considering any additional releases, and then they immediately do it 24 hours later, it means that they didn't expect these cuts," Mulvaney told FOX Business’ Maria Bartiromo Thursday. "These cuts came as a surprise to them."
Mulvaney further explained his belief that the administration likely relied on insight that the Organization of the Petroleum Exporting Countries (OPEC+) was not going to cut production, and that, when the announcement came OPEC+ was cutting 2 million barrels per day, the White House was unprepared.
"They got caught flat-footed. If they knew those cuts were coming or expected that they would have come, they would have developed a plan beforehand and immediately announced the SPR reserve as sort of a way to blunt the damage to the economy," Mulvaney said. "But that didn't happen."
MANCHIN SAYS OPEC+ DECISION TO CUT OIL PRODUCTION SHOWS U.S. MUST EMPHASIZE ‘ENERGY INDEPENDENCE AND SECURITY’
OPEC+’s decision Wednesday to sharply cut production to support sagging oil prices is anticipated to deal another blow to the struggling global economy and raise politically sensitive pump prices for U.S. drivers just weeks ahead of the midterms.