Biden Administration is calling on OPEC and its allies to increase oil production as gas prices skyrocket;

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The national average for a gallon of gas stood at $3.186 on Tuesday, up roughly $1 over the last year.

  • Biden administration officials spoke with representatives from OPEC’s de facto leader Saudi Arabia this week, as well as with representatives from the United Arab Emirates and other OPEC+ members.
  • The White House said the group’s July agreement to boost production by 400,000 barrels per day on a monthly basis beginning in August and stretching into 2022 is “simply not enough” during a “critical moment in the global recovery.”
  • “We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” National Security Advisor Jake Sullivan said in the statement obtained by CNBC. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”

SOURCE: CNBC

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