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Saudi Crown Prince Tells Biden His Energy Policies are Unrealistic

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Saudi Crown Prince Tells Biden His Energy Policies are Unrealistic

Saudi Crown Prince Mohammed bin Salman has told US President Joe Biden his
unrealistic policies regarding energy sources will only push up costs and lead to “unprecedented inflation.”

During a US-Arab summit in the Saudi capital, he called for unified efforts to support the global economy.

In the coming years, adopting unrealistic policies to reduce emissions by excluding main energy sources will lead to unprecedented inflation, rising energy prices, rising unemployment, and worsening security and social issues.

Global economic and geopolitical challenges require a “realistic and responsible” approach to gradually transition to sustainable energy sources, according to the world’s top oil exporter.

The Opec summit brought together US President Joe Biden and leaders from six Gulf Arab states, Egypt, Jordan and Iraq. Biden held bilateral talks with Saudi leaders on Friday in Jeddah.

President Biden discussed energy security with Gulf oil producers’ leaders and hoped to see more action by Opec and its allies to increase output. No bilateral announcements were expected from the talks.

President Biden is eager to see Saudi Arabia and its Opec partners pump more oil. This he hopes will bring down the high cost of gasoline and ease the highest US inflation in four decades.

Biden’s anti-oil production policies in the US have only added to an array of inflation problems facing the President and the Democratic Party as midterm elections approach.

Biden Facing Backlash Back Home

The President is also facing backlash for allowing more than 5 million barrels of oil from the Strategic Petroleum Reserve to be exported to Europe and China.

A move that contradicts his promise to bring down the cost of soaring prices at the pump.

Recently, the White House has reiterated its call for energy companies and gas stations to trim profits due to Russia’s war in Ukraine, which Biden has blamed for exacerbating the global oil shortage.

As the Biden administration attempts to choke off Moscow’s lifelines, from energy to diplomacy, wealthy Gulf nations, which host US forces, have notably refrained from supporting him.

During his visit, he invited his Emirati counterpart, Sheikh Mohamed bin Zayed Al-Nahyan, to visit the White House before the year.

Officials from the White House intend to promote integration between Israel and Arab nations during the trip.

In 2020, the Abraham Accords brokered by the US created ties between Israel and two of Saudi Arabia’s neighbours, the UAE and Bahrain.

On Friday, it announced it was lifting overflight restrictions on aircraft travelling to and from Israel, a move the President called “historic”.