Keystone Today

Following the recent controversial decision by the Organization of the Petroleum Exporting Countries (OPEC) to cut oil production by two million barrels per day, the Biden administration has been working to steady what continues to be volatile gasoline prices.

“We believe the decision that OPEC+ made last week was a mistake and it was short sighted,” White House Press Secretary Karine Jean-Pierre said in a press briefing aboard Air Force One on Oct. 12. “From the beginning, the president has talked about recalibrating, readjusting our relationship with Saudi Arabia.”

According to prices posted on AAA, as of Oct. 20, Pennsylvania’s average gas price was $3.95. This is slightly up from $3.38 a week ago and $3.846 a month ago for regular fuel. Nationally, the price sits at $3.836 which is down from last week’s price of $3.913 but up from $3.674 a month ago.

The Wall Street Journal reported on Oct. 11 that tensions between Saudia Arabia and the U.S. have increased due to the United States' request for a production cut to be delayed another month. The report said that Saudi officials say the reason for the request was only to keep public sentiment positive as midterm elections are around the corner.

According to The Center Square, the constriction of potential new sources of oil under President Joe Biden’s administration has led to significant jumps in gas prices.

“We are all living the consequence: Outrageously high prices and growing shortages,” said Daniel Turner, executive director of the energy workers advocacy group, Power the Future.

According to marketwatch.com, following the oil production cut last week, OPEC announced that it was reducing its forecasts for oil demand by 460 barrels per day, saying the reason is an “increasingly uncertain outlook for the world economy.”

According to research platform YCharts, the current levels of U.S. oil reserves in the Strategic Petroleum Reserve stocks have been depleted by more than 33% in the past year. Politico reported on Tuesday that Biden has plans to tap into the American oil reserves even more, as there are plans to authorize the release of up to 15 million more barrels by the end of the year. This is a direct response to OPEC’s production cut, but also aligns with the struggle to decrease the price of oil.