Page 46 - Pec News Today

Despite his calls for boosting oil and gas production, Biden asserted that such plans are consistent with his administration’s pledge to transition to clean energy.

“The decisions that OPEC+ made last week, we believe, sided with the Russians and were against the interests of the American people and the families around the world,” White House Press Secretary Karine Jean-Pierre told reporters at her daily news conference on Tuesday.

The administration is also expected to provide details this week regarding its plans to restock the SPR reserve.

The US president will announce the move on Wednesday, and more oil sales are possible this winter as the administration tries to keep prices down.

President Joe Biden will open to the door to more oil reserves this winter to keep prices down, while the strategic reserve hits a low.

The release is part of a response to recent production cuts announced by OPEC+ nations

In a statement, the Iraqi Foreign Ministry said that it is following the responses of OPEC+ decision on oil production cuts and its repercussions.

In a statement, the UAE Ministry of Foreign Affairs and International Cooperation expressed support of the UAE for the Saudi Foreign Ministry statement on a review of the oil situations and production cuts, noting that the OPEC+ decision was vote-based collective.

The price cap due for December 5 was designed specifically to address Russia’s attack on Ukraine and will not be carried over to other producers, says a United State...

It’s the return of week-to-week volatility, as the average gas price dropped 5.4 cents to $3.86 per gallon.