While President Biden vociferously bragged about lowering the cost of fuel for Americans throughout the summer, after claiming the rise in fuel prices was a direct result of the war in Ukraine; Americans should prepare for skyrocketing fuel prices in the coming weeks.
OPEC+ agreed to its deepest cuts to oil production since the 2020 COVID pandemic. The announcement came Wednesday at a meeting in Vienna despite concerns about the cost of fuel and pressure from the United States to pump more.
OPEC+ will be cutting its production by 2M barrels a day. And while the Biden administration already opened the strategic petroleum reserve to decrease the cost at the pumps, this action by OPEC+ will cause the cost of gas to skyrocket to levels never seen before in America.
What this means for average Americans is that the price to fill up your gas tank to go to work, store or school will dramatically increase as will the cost of buying food. Since food is a direct result of the cost to bring it to market, Americans can expect that food prices will increase significantly over what they are paying now.
Joe Biden would be smart to open up the American energy sector to avoid serious backlash from Americans already suffering due to the cost of fuel. Pumping and refining 2+ million barrels a day of American oil will help to ease the suffering.
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