The Biden administration urged OPEC and its oil-producing partners to boost production, saying current output is 'simply not enough,' which could threaten the global economic recovery
The request reflects the White House's willingness to engage major world oil producers for more supply to help industry and consumers, even as it seeks the mantle of global leadership in the fight against climate change and discourages drilling at home.
The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, had implemented a record output cut of 10 million barrels per day, about 10% of world demand, as global energy demand slumped during the pandemic. But it has gradually raised output since, with the cut eased to about 5.8 million bpd as of July.
U.S. gasoline prices are running at about $3.18 a gallon at the pumps, up more than a dollar from last year at this time when the pandemic sapped travel demand, according to the American Automobile Association. Global benchmark Brent crude gained more than 1% to over $71 a barrel on Wednesday. That is lower than the prices above $77 in early July, but still represents an increase of nearly a third from the beginning of the year.The Biden administration's push for lower fuel prices grates with its efforts to secure global leadership in the fight against climate change, an agenda anchored by efforts to transition the economy away from fossil fuels toward cleaner energy sources and electric vehicles.
Robert Yawger, director of energy futures at Japanese bank Mizuho, also critiqued the administration, saying: "I don't know why they aren't trying to get U.S. producers to increase production," he said. He encouraged the FTC to "consider using all of its available tools to monitor the U.S. gasoline market and address any illegal conduct."
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