FirstFT: White House calls on Opec to restart production to contain fuel prices
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The White House has called on Opec to increase oil production in a bid to reduce high gasoline prices, which officials in the Biden administration have described as “risks that undermine the ongoing global recovery.”
Joe Biden’s National Security Advisor Jake Sullivan said in a statement yesterday that OPEC and its allies “although recently agreed. To increase production” Until 2022, Boost did not fully compensate for the previous production cuts imposed by OPEC + during the pandemic. ”
Gasoline prices in the United States have increased with an increase in demand for fuel as the US economy has recovered from a coronavirus blockade. Gasoline sells for an average of $ 3.19 nationwide, up nearly 50% from the same period last year, according to the Automobile Association AAA. The highest national average price recorded in 2008 was over $ 4.10 per gallon.
White House intervention puts pressure on Donald Trump to raise prices to help U.S. shale companies survive one of the worst market downturns in decades during the year’s oil crash last. It shows a sudden change from the policy when it was called.
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