In a sharp rebuke to President Joe Biden, a panel of energy ministers for the OPEC alliance of oil exporting countries has agreed to a historically massive output cut.
This comes just as consumers are starting to feel a little relief at the pumps across America, but it could send prices skyrocketing again.
The alliance, which Russia and Saudi Arabia lead, is currently negotiating the most extensive production cut since the pandemic’s start.
Biden’s people have been trying to convince the Saudis not to approve the cut, feeling that higher oil prices will aid Russia, hurt the U.S. and their allies, and kneecap American consumers who are relieved at the lower gas prices and can’t afford another surge.
The OPEC alliance cites reduced demand in their plans to cut production.
Biden has been releasing oil from the U.S. Strategic Petroleum Reserve to offset soaring prices at the pump, but it will only do so much if OPEC approves the cuts.