White House Calls on OPEC+ to Boost Production as Gasoline Prices Soar
WASHINGTON—Worried about rising gas prices, the Biden administration has called on oil-producing countries including Saudi Arabia and Russia to raise their oil production. Strong recovery in global demand and slow growth in supplies have been pushing crude oil prices higher in recent months.
National security adviser Jake Sullivan issued a statement on Aug. 11 asking the Organization of the Petroleum Exporting Countries and Russia (OPEC+) to address rising gasoline costs.
“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” Sullivan warned.
In July, OPEC+ ministers agreed to boost oil production by 0.4 million barrels per day (bpd) on a monthly basis from August until year-end. The decision came amid a strong rebound in global demand.
But this increase isn’t enough, according to the White House, to ensure “reliable and stable global energy markets.”
“While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022,” Sullivan said in the statement.
“At a critical moment in the global recovery, this is simply not enough.”
OPEC+ last year cut production by a record 10 million bpd due to the slump in demand caused by the pandemic. The cut had been eased to about 5.8 million bpd in July.
Gas prices in the United States have risen by more than 40 percent from a year ago. The national average gas price stood at $3.185 per gallon on Aug. 11.
“President Biden has made clear that he wants Americans to have access to affordable and reliable energy, including at the pump,” Sullivan said. “We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices.”
Continue reading at Epoch Times
Header featured image (edited) credit: Biden on phone/Twitter grab
••••
••••
Stay tuned to …
••••
The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)
••••
Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.
••••
Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.
••••
Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.
Leave a Reply