As gas prices soared amid his crippling of U.S. energy production, Joe Biden begged OPEC to increase oil output.
OPEC has told Biden, in a word, no.
OPEC and its allies, including Russia, "believe oil markets do not need more oil than they plan to release in the coming months, despite U.S. pressure to add supplies to check an oil price rise," sources told Reuters.
Related: After canceling Keystone, Biden now begs OPEC to increase production, August 12, 2021
A source, speaking on condition of anonymity, told Reuters there was no need to release extra oil more quickly, while another said there was no concern that the planned schedule of increases would leave any demand unmet.
Two other OPEC+ sources said the latest data from OPEC and from the West’s energy watchdog – the International Energy Agency (IEA) – also indicated there was no need for extra oil.
According to AAA, the average price for a gallon of gas in the U.S. on Tuesday was $3.187, including prices of well over $4 in many areas of the Western U.S. Last year, the average price on Aug. 17 was $2.178.
Biden “recognizes that gas prices can put a pinch on the family budget,” a senior White House official, who asked not to be identified told CNBC. “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.”
White House Press Secretary Jen Psaki said last week that increased domestic production is not under consideration.
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