The OPEC+ coalition is considering reducing oil output by up to two million barrels per day, which could be a major defeat for the Biden administration and result in yet another hike in petrol costs for American motorists.
For the first time since the beginning of the COVID-19 epidemic in early 2020, energy ministers from the OPEC cartel, whose major member is Saudi Arabia, and allied non-members, including Russia, are convening in person at the organization’s Vienna headquarters.
To help stabilize falling prices, they are talking about cutting output by up to two million barrels per day.
Although it is yet unclear how the shift would affect gas stations, a CNN story claims that the Biden administration is trying to prevent a “complete calamity” as a result of the decision.
The decision made by OPEC during their meeting on Wednesday may push gas prices back up after the White House praised their record-breaking down this summer. In recent weeks, they have already started to slowly climb back up.
However, a rapid increase would be a particularly worrisome setback given that the midterm elections in November are less than one month away.
According to a source who spoke to CNN, the White House is “having a spasm and panicking” at the possible result.
High ranking officials in the fields of foreign and economic affairs are allegedly pressuring Middle Eastern friends to vote against reducing output.
The White House National Security Council has been contacted by DailyMail.com for comment.
Karine Jean-Pierre, the White House’s press secretary, was questioned on Tuesday over the White House’s previous victory laps over declining gas prices, which have resulted in relative quiet as they begin to creep up again.
You claimed that the president was to blame for the decline in petrol prices. Is the president to blame for the increase in petrol prices? Peter Doocy of Fox News posed the question at Jean-routine Pierre’s news conference.
So, it’s far more subtle than that, she said.
Gas prices have increased globally, according to Jean-Pierre, who attributed the increases to “the [COVID-19] epidemic and Putin’s war” in Ukraine.
The Biden representative remarked, “We acknowledge there is more work to be done; we have never claimed we are done here.”
But in actuality, the price of gasoline has dropped at its quickest rate in over ten years. That is a result of the actions taken by this administration.
In advance of a European Union embargo on the majority of Russian oil imports, a penalty over the invasion of Ukraine, which goes into force at the end of the year, a production decrease might help Russia by setting higher prices, according to experts at Commerzbank.