A decision would "OPEC+" to put Biden And his Democratic Party is in trouble by opening the door to potential fuel price increases just five weeks before the midterm elections that Republicans hope will give them a majority in Congress.
The statement added that Biden will order a reduction in the strategic US oil reserves, and 10 million barrels are scheduled to be put on the market next month in an attempt to limit the rise in prices.
But the reserves are running out quickly after record withdrawals ordered by the administration starting in March. Reserves are now at their lowest level since July 1984 and it is not clear when the administration plans to replenish them.
The statement said that the upcoming withdrawals will continue "As appropriate to protect American consumers and enhance energy security, (Biden) directed the Secretary of Energy to consider any additional responsible measures to continue increasing domestic production in the near term.".
Moreover "The Biden administration will consult with Congress on additional tools and mechanisms to reduce OPEC’s control of energy prices".
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In the statement signed by the National Security Adviser, Jake Sullivanand Chief Economic Adviser Brian Dees, An cut production It would hurt countries “already suffering” from price hikes while “the global economy deals with the continuing negative impact” of Russia’s military operations in Ukraine.
The decision of “OPEC +” will put Biden And his Democratic Party is in trouble by opening the door to potential fuel price increases just five weeks before the midterm elections that Republicans hope will give them a majority in Congress.
The statement added that Biden will order a reduction in the strategic US oil reserves, and 10 million barrels are scheduled to be put on the market next month in an attempt to limit the rise in prices.
But the reserves are running out quickly after record withdrawals ordered by the administration starting in March. Reserves are now at their lowest level since July 1984 and it is not clear when the administration plans to replenish them.
The statement said that future withdrawals will continue “as appropriate to protect American consumers and enhance energy security, and (Biden) directed the Secretary of Energy to consider any additional responsible measures to continue increasing domestic production in the near term.”
In addition, “the Biden administration will consult with Congress on additional tools and mechanisms to reduce OPEC’s control of energy prices.”