UPDATED 3:17 PM PT – Thursday, August 12, 2021
Joe Biden has asked the Organization of the Petroleum Exporting Countries (OPEC) and Russia to increase oil production after decimating the U.S. energy industry and sparking massive inflation. On Wednesday, Biden addressed OPEC and asked its members to boost output by more than 400,000 barrels per day in order to lower fuel prices in the U.S. and help combat runaway inflation.
His administration also launched a probe into the U.S. energy industry over allegations of price gouging amid short supply.
Earlier this year, Biden canceled the Keystone XL pipeline and banned drilling on federal lands. As a result, U.S. gas prices surged 42 percent and overall energy costs rose 24 percent. This ultimately lifted the costs of logistics, food and consumer goods.
FULL STATEMENT: The White House urges OPEC+ to pump more oil (above and beyond the current 400,000 b/d monthly hikes the cartel is already implementing) | #OOTT pic.twitter.com/qnWA1l7Pnt
— Javier Blas (@JavierBlas) August 11, 2021
Experts said Biden’s latest action greatly benefits other countries, including Russia, which is now able to boost oil exports and rake in tens of billions of dollars in additional cash revenue.
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