White House cites oil ‘supply issues’ amid gas price surge, promises more pressure on OPEC

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Biden ‘quite careful’ about impact of high costs on American people

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white House Press Secretary Jen Psaki said Tuesday that the Biden administration will continue to pressure OPEC members to boost oil production amid the global energy crisis that has pushed gas prices to their highest level in a decade.

“The president has many options, and he is certainly quite aware of the impact of any increased costs on the American public,” Psaki said during his daily press briefing.

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White House wants OPEC+ members to ‘do more’ to tackle energy crisis: report

Saki said the administration is focusing particularly on “oil-related supply issues” at the international level.

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“Engaging on that front is the power of the President of the United States,” she said. “This issue has been raised here [national security adviser Jake Sullivan’s] level, at a range of levels across the government, but of course putting additional pressure on supplies and OPEC and OPEC is something that our national security team will certainly continue to do.”

Saki also said that the administration has asked the Federal Trade Commission to investigate the high gas prices.

“I would also note that as it relates to gas prices, we continue to be concerned about the trends that we have seen, where supply has increased several times over the past several months, yet we have seen price increases. is,” she said. “We’ve asked the FTC to look into that.”

Oil production has lagged behind rising demand as economies around the world ramp up activity from the level of the COVID-19 pandemic. Oil prices hit a seven-year high on Tuesday, crossing $85 a barrel. According to AAA’s national average, gas prices are at their highest in 10 years, at $3.39 a gallon.

So far, the White House has refused to take direct action to reduce rising gas prices.

Earlier this month, House Republicans slammed President Biden in a letter to pressure OPEC and encourage “known American adversaries”, including Russia and Iran, in what he described as “anti-American energy policies”. .

Lawmakers accused the administration of implementing a pattern of policy initiatives, including the cancellation of the Keystone XL oil pipeline and a moratorium on new oil and gas permits on federal lands, that hurt American energy independence and contributed to the crisis.

“It is not in America’s best interest to depend on these countries for energy,” the lawmakers said in an October 14 letter. “Instead, removing barriers to U.S.-produced oil and natural gas and its infrastructure will increase U.S. economic and job growth, increase national and energy security, and lower energy prices for American households.”

In August, the White House called on OPEC+, a group that includes members of the OPEC oil cartel and allies including Russia, to increase oil production faster than previously planned.

Russian Deputy Prime Minister Alexander Nowaki told Reuters On Monday that Russia expects OPEC+ to increase output by 400,000 barrels per day at its November 4 meeting, as previously agreed, and it expects oil demand to return to pre-pandemic levels by the end of next year. level will be reached.

Granthshala News’ Thomas Barrabee contributed to this report.


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