The national average for a gallon of gas is $1 over last year.
The White House is calling on the Organization of the Petroleum Exporting Countries to boost production in an effort to combat escalating gasoline prices here at home. Officials in the president’s administration spoke with representatives from OPEC’s de facto leader Saudi Arabia this week, as well as those from the United Arab Emirates and other OPEC members.
An agreement reached in July between the U.S. and OPEC to boost production is now characterized as “simply not enough” during a “critical moment in the global recovery.”
Gasoline prices have risen this year as demand for petroleum products resumed. The national average for a gallon of gas was $3.186 earlier this week, according to AAA, up from even just a month ago. Prices are up by just over $1 compared to last year.
The administration is also calling on the Federal Trade Commission to “monitor the U.S. gasoline market” and “address any illegal conduct that might be contributing to price increases for consumers at the pump.”
As the Lord Leads, Pray with Us…
- For the president’s administration as policies have been implemented that have affected the nation’s energy independence.
- For OPEC nations as they consider the administration’s request.
- For U.S. officials monitoring escalating costs of gasoline and other inflationary pressures in the American economy.
Sources: CNBC, Wall Street Journal
