The White House expressed opposition to the decision of OPEC+ to cut oil production by 2 million barrels per day beginning in November and said that the U.S. will release another 10 million barrels of oil from America’s Strategic Petroleum Reserve next month.
A collection of OPEC and non-OPEC nations has determined to decrease overall oil production “from the August 2022 required production levels, starting November 2022,” according to a press release.
In a bid to tackle soaring gas prices, Biden announced a plan earlier this year to release one million barrels per day from the Strategic Petroleum Reserve over a six-month period.
While gas prices are not as high as they once were, they are still very high — as of Wednesday, the AAA national average price for a gallon of regular gas is $3.831.
High gas prices could prove politically problematic for Democrats heading into the 2022 midterm elections next month.
“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,” national security adviser Jake Sullivan and National Economic Council director Brian Deese said in a statement.
“At the President’s direction, the Department of Energy will deliver another 10 million barrels from the Strategic Petroleum Reserve to the market next month, continuing the historic releases the President ordered in March. The President will continue to direct SPR releases as appropriate to protect American consumers and promote energy security, and he is directing the Secretary of Energy to explore any additional responsible actions to continue increasing domestic production in the immediate term,” they said in the statement.
Republicans responded to the news about OPEC+’s plans to cut oil production by blasting President Biden.
“OPEC’s decision to cut oil production would have a minimal impact on people in Wyoming if the U.S. were still energy independent. The American people will continue to suffer at the pump due to Biden’s attack on domestic energy production,” GOP Sen. Cynthia Lummis of Wyoming tweeted.
— Senator Cynthia Lummis (@Senator Cynthia Lummis)