We are officially in an oil war (USA vs OPEC)

The oil war between the United States and OPEC has begun. And unfortunately, there will likely be casualties in the form of our wallets being pinched again.

The United States is now draining the SPR: its Strategic Petroleum Reserve. This is the nation's emergency store of oil, which it has set aside to use in times of crisis. The only thing is, there isn't really a major crisis that's going on, only the US government trying to keep prices low for the public.

This is playing right into the hands of OPEC, the world's major oil cartel controlling the vast majority of our oil production. OPEC has the ability to heavily manipulate the supply, meaning they can drive up prices. And the worse the pricing situation gets, the more the USA will dip into the SPR, and the more control OPEC will have.

Let me know your thoughts below.

0:00 - Held hostage over oil
0:36 - The Strategic Petroleum Reserve
2:03 - OPEC's oil price restrictions
2:43 - Why the US is at oil risk
4:15 - Saudi Arabia and NordVPN
5:29 - The SPR and NOPEC
8:18 - Why we should be concerned

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Sorelle and Leon.
Founders, Abundantia

*We may earn a commission if you buy any products or services via the links in this video's description. This video is not investment, financial, or legal advice. It may be incorrect, outdated, inaccurate, or reflect personal opinions. This video is for entertainment purposes only.

Presented by Sorelle Amore.
Written by Leon Hill.

#OPEC #SPR #OilIndustry

[Abundantiaco]

Do you think the US or OPEC win the oil war?

[munners]

Who would of thought shutting down the construction of keystone pipeline on your first day could contribute to such a dilemma!?

[bumblebee_ms]

Isn't it funny how we went from a pan.de.mic, to a war and now to oil hikes. Something tells me this was more than a coincidence.

[letters]

Every time these people do something we are always the casualties and not them. It's almost as if they are doing that stuff just to make us suffer. Oh yeah that's they

[donross]

Here in Canada our limp wristed liberal government won't build a couple refineries, we could be fuel independent in one of the coldest climates in the world.

[ricohabley]

with that nopec law, can the americans really break up Aramco, basically a Saudi company fully owned by Saudi? How could they do that since its not an american company and doesn't fall under any anti trust or monopoly law from US or Europe. What they could do is, yes, Sanctions, like blocking Aramco of sales to Europe, US or G7. But that would be their loss since there are lot of other countries like Bangladesh who always got the back seat for such needed commodities. And as retaliation, OPEC and other associated countries with OPEC would perhaps abandon the Petrodollar which would be the fall of the dollar which would weaken considerably and therefore puts every single foreign reserve of every country there is?

[chinaware_]

I am no economist. But I previously read an article (I forgot the name) that part of the reason why the self sufficiency program of the US for oil was not pursued, is because of the cost. It is cheaper to import compared to extracting oil (by fracking) locally because of the complicated process of making the final product which will be expensive and the US government cannot subsidize to keep the prices of gas low. Please correct me if I am wrong

[iankanecarter]

Control scarcity and control the world...what if you create the scarcity?

[Xayuap]

As a Venezuelan I can confirm;
OPEC has been the best thing that happened to us
after we nationalized our petrol.

Before that, the extraction was made by usaer and they just gave us like 10% in their money, no oil.

[jamisonwagner]

Petro-Dollar vs BRICS Bucks, USD crash coming?

[squeedum]

LITERALLY nobody is talking about this on MSM. Except for you, Sorelle, and a few other outlets, I can really see what's happening in the world that will directly effect me and my family. The so-called "social injustice" ie, race, gender wars honestly have no effect on my day-to-day life. These issues only divide a nation. But when we could potentially see $10 per gallon at the pumps, NOW we see something that will greatly effect us all. Awesome content.

[jaredrobinson]

Well this sounds like it's going to be a fun time. We are so screwed. I think you summed it up perfectly with bent over a barrel.

[cartestgroupoy]

I was drinking beer and I liked it but suddenly and very fast over night I woke up and discovered I had no strength in my feets and I couldn't walk anymore and I couldn't understand what's happening with my body? It took me more than 2years of sweating and training before I got my health back and myself back together.Alcohol??? Petrol and oils???

[christianorsa]

I don't understand the logic of the US: why reduce your own production and instead start importing oil to make up for that deficit after having been a net exporter just a few years ago? The green initiative argument doesn't make sense either because it's not like you're significantly reducing the amount of oil you're using, you're just changing the sources from which you're getting that oil🤨

[jonathanchai]

This is what you get when you vote with feelings

[janridingfast]

I am going to add another twist to this and that is refining. All oil is not the same. I had to do a deep dive on crude...light vs heavy, sweet vs sour... My understanding is many refineries are constructed to refine specific crude types. America produces a lot of light sweet crude, very desirable. Foreign countries are typically heavier. And since America typically imported much oil, many refineries are geared to that specific type... I have no idea of a refinery can be "recalibrated" to refine a lighter crude, one with more sulphur, or ? Our American light crude brings a good price, and I believe much of our own crude is exported. The solution might be incentives to build refineries that refine specifically more American oil. For sure not a priority with our current administration.

[enad]

Can you please do a recap vid of everything you've talked about recently? A vid that puts it all together. Oil going up, gold potentially going up, bric bucks, etc. All tied in with inflation and interest rates. Your videos are the best. Thanks :)

[djg]

You missed to mention an important topic as to what drives OPEC+ to cut production. OPEC+ decision was a reaction to G7's move to put a price cap on Russian's oil price. What right does G7 have to dictate oil price? OPEC+ also have their right to produce more or cut production.

[chericosta]

We definitely live in some interesting times. Great video! Thank you!

[marktucker]

All the money and laws in the world can not fix a bad idea and in the end one and all will go through a lot of pain.