According to reports, the White House is in a panic about OPEC’s last-minute decision to reduce oil output.
The Biden administration vehemently opposes OPEC cutting its oil production, according to a White House official who spoke with CNN’s Senior National Security Correspondent Alex Marquardt.
“Cutting oil production means higher oil prices, it means higher gas prices. That, of course, is something that the Biden administration does not want to happen right now,” Marquardt stated.
The Biden administration is under increasing pressure to address the already high gas prices that have risen yet again in the past month with only five weeks until the November midterm elections.
According to reports, President Joe Biden is making an intense, all-out campaign to protest a prospective output decrease.
The senior energy official in the Biden administration is contacting Saudi Arabia, Kuwait, and the United Arab Emirates in an effort to dissuade OPEC from making a last-minute decision to decrease its oil production.
In response, Biden declared that he would release 10 million barrels of oil from the Strategic Petroleum Reserve of the United States the next month in an effort to combat the high cost of fuel.
As OPEC said it will reduce oil output by at least 2 million barrels per day, oil prices rose globally.
The effects of inflation on Americans’ wallets are already being felt at the gas pump and in the stores. The United States may see a protracted recovery from the current recession if gas prices rise considerably more.
