NEW: White House to call on OPEC to boost oil production in an effort to combat climbing gasoline prices, amid concerns that rising inflation could derail the economic recovery from Covid-19.
David Paul Morris / Bloomberg via Getty Images fileThe White House will call on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices, amidBiden administration officials spoke with representatives from the Organization of the Petroleum Exporting Countries this week, as well as with representatives of OPEC+ members.
Gas prices have climbed this year as demand for petroleum products returns. The national average for a gallon of gas stood at $3.186 on Tuesday, according to AAA, up from $3.143 a month ago. Over the last year, prices are up by just over $1. “He’d like his administration to use whatever tools that it has to help address the cost of gas, to help bring those prices down.”
U.S. producers also turned off the taps during the depths of the pandemic, and they’ve been slow to bring production back online. According to the latest data from the Energy Information Administration, U.S. production averaged 11.2 million bpd in May, down from the pre-pandemic high above 13 million.
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