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

The White House will call 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-19.

Biden administration officials spoke with representatives from the Organization of the Petroleum Exporting Countries this week, as well as with representatives of 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 Adviser Jake Sullivan said in a statement released Wednesday morning. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”

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.