U.S. gas prices are expected to go up.
OPEC+ announced plans to cut output of 2 million barrels per day beginning in November. The coalition, which includes OPEC, Russia, and other oil-producing allies, is looking to prop up prices that have fallen since June when crude was above $120 per barrel.
Word of the cuts in the tight global market sent oil prices upward, with crude rising to roughly $93 per barrel. The move will put fresh upward pressure on gasoline prices in the U.S., which have recently begun to inch back up.
President Biden’s National Security Adviser Jake Sullivan and National Economic Council Brian Deese stated, “The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine. At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices.”
As the Lord Leads, Pray with Us…
- For U.S. officials as they assess the impact of OPEC’s reduction in oil production on this nation.
- For wisdom for the president and his administration as they implement their energy policies.
- For Secretary Granholm to seek God’s direction as she leads the Department of Energy.
Sources: Axio, Wall Street Journal
