After OPEC+ announced a reduction in oil production last Wednesday, gas prices have risen again across the country. This prompted condemnations and a White House response.
According to the American Automobile Association, oil prices rose above $90 per barrel after the decision of the oil cartel to reduce oil production by 2,000,000 barrels starting in October.
GasBuddy reports that the average cost of a gallon has risen for three consecutive weeks, with Monday’s price rising 13.8 Cents to $3.92 per gallon.
National average gas prices are 22.5 cents more this month than last year and 67c per gallon higher over the same period last year. The national average diesel price has also increased by 18 cents to $5.04 per gallon.
Biden administration officials criticized OPEC+’s decision to reduce oil production and called it “shortsighted”. Senator Majority Leader Chuck Schumer (D.N.Y.), said that OPEC+ took an “appalling, deeply cynical” action in a statement suggesting that Congress may consider legislation to strike back against the cartel.
According to the White House, President Joe Biden will also release 10 million more barrels from the Strategic Petroleum Reserve in an effort to ease the impact of higher oil prices.
The Biden administration is putting more emphasis on lowering high gas prices as the Nov. 9 midterm elections near. Insider reported that the president demanded that oil companies lower their prices. His administration also considered gas export bans, as well as removing sanctions against Venezuela, so Chevron can continue to pump oil in Venezuela.