OIL SHORTAGES: “BIDEN” Admin Begging OPEC For More Oil Production Just A Few Months After Keystone Pipeline

It’s the Democrat MO- punish Americans while aiding and abetting terror nations who hate America.

Quick note: Tech giants are shutting us down. You know this. Twitter, LinkedIn, Google Adsense, Pinterest permanently banned us. Facebook, Google search et al have shadow-banned, suspended and deleted us from your news feeds. They are disappearing us. But we are here. We will not waver. We will not tire. We will not falter, and we will not fail. Freedom will prevail.

Subscribe to Geller Report newsletter here — it’s free and it’s critical NOW when informed decision making and opinion is essential to America's survival. Share our posts on your social channels and with your email contacts. Fight the great fight.

Follow me on Gettr. I am there, click here. It's open and free.

Remember, YOU make the work possible. If you can, please contribute to Geller Report.

White House calls on OPEC to boost oil production as gasoline prices rise

  • The White House is calling on OPEC and its allies to increase oil production as gas prices rise.
  • The Biden administration said OPEC+’s decision to gradually ease production cuts is “simply not enough” during a “critical moment in the global recovery.”
  • The national average for a gallon of gas stood at $3.186 on Tuesday, up roughly $1 over the last year.
  • The White House is also calling on U.S. regulators to scrutinize prices at the pump.

The White House is calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices, amid concerns that rising inflation could derail the economic recovery from Covid.

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.

Gas prices jump

Gas prices have climbed this year as demand for petroleum products returns. The national average for a gallon of gas stood at $3.186 on Tuesday, according to AAA, up from $3.143 a month ago. Over the last year, prices are up by just over $1.

In May, the national average crossed the $3 mark for the first time since 2014.

“The president recognizes that gas prices can put a pinch on the family budget,” said a senior White House official, who asked not to be identified to speak candidly about the issue. “He’d like his administration to use whatever tools that it has to help address the cost of gas, to help bring those prices down.”

The jump in gas prices comes on the heels of a rebound in oil prices. In April 2020, West Texas Intermediate crude futures, the U.S. oil benchmark, dipped into negative territory for the first time on record as the pandemic sapped demand for petroleum products.

OPEC+ made the unprecedented decision in April 2020 to remove nearly 10 million barrels per day from the market in an effort to support prices, while U.S. producers also scaled back production.

These supply cuts, coupled with a demand recovery, have pushed WTI back above $70 per barrel, although the contract has pulled back slightly from that level in recent sessions.

OPEC+ is still withholding about 6 million barrels per day, which it plans to gradually return to the market. The group’s latest meeting ended in disarray after the UAE took issue with its baseline quota, briefly sending the oil market into turmoil. The group eventually came to an agreement later in July.

U.S. producers also turned off the taps during the depths of the pandemic, and they’ve been slow to bring production back online. According to the latest data from the Energy Information Administration, U.S. production averaged 11.2 million bpd in May, down from the pre-pandemic high above 13 million.

Consumers are feeling the pain at the pump, and it’s not just gas prices that are on the rise.

The consumer price index rose 5.4% in July, the Labor Department said Wednesday. This is in-line with June’s reading, which was the largest monthly increase since August 2008.

While fuel costs have jumped over the last year, a White House senior official was quick to note that gas prices are still below where they were during the early years of the 2010s.

FTC action

The Biden 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.”

The letter from the National Economic Council to the FTC urges the regulatory body to look into the factors contributing to the rise in gas prices in an effort to ensure that consumers aren’t footing an unfair bill.

“With its suite of tools to monitor industry prices, review merger-and-acquisition activity, conduct market studies, and investigate market manipulation and anti-competitive practices, the FTC is well placed to lead the effort to evaluate what is happening in the U.S. gasoline market and take any necessary steps to address illegal conduct,” the letter said.

The NEC also calls on the Federal Energy Regulatory Commission, the Commodity Futures Trading Commission and state attorneys general to take up the issue.

“Knowing the FTC is scrutinizing this market could have an impact relatively quickly,” the senior White House official said. “It’s worth the players in this market recognizing that this agency with enforcement authority is looking carefully at what’s going on.”


Have a tip we should know? Your anonymity is NEVER compromised. Email tips@thegellerreport.com

The Truth Must be Told

Your contribution supports independent journalism

Please take a moment to consider this. Now, more than ever, people are reading Geller Report for news they won't get anywhere else. But advertising revenues have all but disappeared. Google Adsense is the online advertising monopoly and they have banned us. Social media giants like Facebook and Twitter have blocked and shadow-banned our accounts. But we won't put up a paywall. Because never has the free world needed independent journalism more.

Everyone who reads our reporting knows the Geller Report covers the news the media won't. We cannot do our ground-breaking report without your support. We must continue to report on the global jihad and the left's war on freedom. Our readers’ contributions make that possible.

Geller Report's independent, investigative journalism takes a lot of time, money and hard work to produce. But we do it because we believe our work is critical in the fight for freedom and because it is your fight, too.

Please contribute here.


Make a monthly commitment to support The Geller Report – choose the option that suits you best.

Pin It on Pinterest