re: Oil Price Article: Why OPEC+ Didn’t Respond To U.S. Calls For More Oil

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‘For some reason,” the official said, “The U.S. is not asking its own shale oil companies to boost production, which has fallen considerably over the last two years. On the contrary, they are deliberately reducing their production. I believe there is a certain contradiction in these actions.”

U.S. President Joe Biden called on OPEC+ repeatedly to boost production by more than 400,000 bpd because prices at the pump were becoming too high for American drivers. When the calls failed to produce a response, Biden blamed OPEC+ for hurting poor working American families. This failed to work, too, which is when the Biden administration announced a release of up to 50 million barrels from the strategic petroleum reserve.

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