President Joe Biden blamed the current high oil prices on OPEC withholding supply, while ultimately dismissing the idea that he might try to persuade the producer group to increase production. Biden suggested he had few near-term options for moderating high fuel prices while Saudi Arabia did have the ability to cool off the market. “A lot of Middle Eastern folks want to talk to me,” he said. “I’m not sure I’m going to talk to them. But the point is, it’s about gas production”. He did not mention US oil production, which remains nearly 2 million b/d under its 13 million b/d peak in November 2019.
- Biden blames OPEC for high oil prices, sees US fuel costs easing in 2022