Biden Administration Pushing Oil-Producing Nations To Increase Supply
Price at the fuel pump at issue
Rising prices of a gallon of gasoline has been a nagging political problem for President Biden since he's been in office.
However, his administration is actively pushing the Organization of Petroleum Exporting Countries (OPEC) and the wider ring of major oil-producing nations — known as OPEC+ — to further boost global supply, and therefore, begin to bring down the price of gasoline at the pump, according to White House National Security Adviser Jake Sullivan.
“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery. The price of crude oil has been higher than it was at the end of 2019, before the onset of the pandemic,” Sullivan said in a White House statement. “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. At a critical moment in the global recovery, this is simply not enough.”
These so-called OPEC+ nations must do more to ensure the global economy recovers from its pandemic-induced downturn, Sullivan said.
“President Biden has made clear that he wants Americans to have access to affordable and reliable energy, including at the pump. Although we are not a party to OPEC, the United States will always speak to international partners regarding issues of significance that affect our national economic and security affairs, in public and private,” he said. “We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices. Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”
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