The U.S. is considering a series of steps to prevent global oil prices from rising following a decision by oil exporting and producing countries to slash production despite intensive lobbying by the Biden administration.
The grouping known as OPEC+, which includes members of OPEC and allies, including Russia, said earlier this week it would cut production by 2 million barrels a day starting next month, raising worries at the pump.
President Joe Biden told reporters Thursday he was disappointed by group’s decision and called it “shortsighted.”
“And we’re looking at what alternatives we may have,” he said, appearing to confirm reports that the administration might engage with Venezuela’s authoritarian socialist government, which Washington does not recognize.
Experts say lifting economic sanctions that prevent countries such as Venezuela and Iran from exporting oil would bring more supply into the market.
To boost supplies, the administration has released more than 170 million barrels of oil from the U.S. Strategic Petroleum Reserves this year, with an additional 10 million barrels scheduled to be released next month. The administration has also called out energy companies for taking record profits while Americans are struggling.
“Energy companies need to reduce retail prices to reflect the price that they’re paying for the wholesale gas,” Brian Deese, director of the National Economic Council, told reporters earlier this week.
The White House has not…
