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Joe Biden says he would cut gas prices to $1.60 without the Russians and Saudis

US President Joe Bidenvisited the factory of an automotive company in Hagerstown, Maryland, and evaluated the American economy.

Underlining that they value production in the country, Biden said that they continue to work for all companies to make their production in the USA and to open new employment areas.

Biden also reacted to the decision of the Organization of Petroleum Exporting Countries (OPEC) and the OPEC+ group, which consists of some non-OPEC oil countries, to reduce its daily oil production by 2 million barrels as of November.

Criticizing Saudi Arabia in the group and Russia at war with Ukraine, Biden said, “I could lower the price of gasoline to below $1.60 per gallon, but gasoline prices are rising because of what the Russians and Saudis are doing. This is not over.” said.

OPEC+ GROUP’S DECISION CAUSES CONCERNS OF RISE IN OIL PRICES

The energy and oil ministers of the OPEC+ group, at the meeting held in Vienna, the capital of Austria, on October 5, decided to reduce the daily oil production by 2 million barrels as of November.

It is evaluated that a decrease in global oil supply at this level will significantly narrow the market.

Experts state that the contraction in the market may worsen as the Covid-19 epidemic in China is brought under control and demand recovers.

The White House, in a statement after this decision, announced that the Ministry of Energy will release another 10 million barrels of oil from the strategic oil reserve to the market next month, upon Biden’s instructions.

In the USA, on the other hand, while the gasoline is currently on an upward trend as a result of the increase in refinery problems despite the increase in demand, it is around 3.83 dollars per gallon (3.78 liters), while analysts express the expectation that the price climb will accelerate after the OPEC decision.

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