Brace for higher gas prices as OPEC recommends cutting oil production by two million barrels a day. In the meantime, the White House is reportedly engaged in a desperate, last-ditch effort to convince OPEC+ members to vote against a proposed production cut at Wednesday’s meeting.
Tthe White House has issued general public statements about keeping up global energy supply. But privately, they are trying everything in their power to desperately keep prices from rising even higher, with he urgency of the mid-term elections in just over a month away, they are desprate at this point. As they should be. Americans are suffering.
Market Insider reports that the White House is weighing a controversial measure to lower gas prices ahead of midterm elections.
According to the outlet, the White House has reportedly asked the Energy Department to look into whether a ban on exports of gasoline would pull down costs at the pump for American drivers.
According to Bloomberg, “Oil producers and energy analysts have criticized the idea, saying it could backfire by ultimately raising costs even more for US consumers, while disrupting markets and cutting off European allies in their time of need.”
“Banning or limiting the export of refined products would likely decrease inventory levels, reduce domestic refining capacity, put upward pressure on consumer fuel prices and alienate US allies during a time of war,” the American Petroleum Institute and American Fuel & Petrochemical Manufacturers said in a letter sent Tuesday to Energy Secretary Jennifer Granholm.
Unsuprisingly, recent polling shows gasoline prices are not favorable for Democratic candidates. Also, to make matters worse, Biden administration officials also have been concerned about low fuel inventories in the Northeast US.