President Biden spoke at a Volvo manufacturing plant on Friday, where he blamed the fresh rise in gas prices in the U.S. on Russia and Saudi Arabia.
Gas prices have been ticking up in recent weeks, and Biden said the Organization of the Petroleum Exporting Countries (OPEC+) decision Wednesday to cut production is the cause.
“I was able to bring gasoline down well over $1.60, but it’s inching up because of what the Russians and the Saudis just did,” Biden told the audience in Hagerstown, Maryland.
“I’m not finished with that yet,” he added.
OPEC+ OUTPUT CUT ON TAP, ADP REPORT AND MORE: WEDNESDAY’S 5 THINGS TO KNOW
Ministers from OPEC+ on Wednesday said they would cut oil production by 2 million barrels per day in a move that is expected to raise oil prices globally.
BIDEN STRATEGIC PETROLEUM RESERVE DOWN SHARPLY AFTER DEMS SHUT DOWN TRUMP REFILL EFFORT
The OPEC decision came as the White House pushed top oil producers like Saudi Arabia — which leads the international oil cartel — not to make drastic cuts to oil production as gas prices remain high.
The White House is hoping clean energy will help the U.S. weather the OPEC decision.
CLICK HERE TO GET THE FOX BUSINESS APP
“Today’s announcement is a reminder of why it is so critical that the United States reduce its reliance on foreign sources of fossil fuels with the Inflation Reduction Act,” White House press secretary Karine Jean-Pierre said Wednesday.
Read the full article here
