The US is Still Convincing OPEC to Pump More Oil

Energy Secretary Jennifer Granholm suggested earlier this month that the administration would release some crude from the Strategic Petroleum Reserve to keep prices in check.
Publish Date
22nd October 2021
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Read Time
2 minutes

The United States is not giving up on its attempts to convince the Organisation of Petroleum Exporting Countries and its allies to pump more oil as retail fuel prices continue to remain high across the United States even as local oil production rises.

Speaking during a briefing at the White House, Press Secretary, Jen Psaki, said: “We are continuing to press, through member countries — member countries of OPEC, even as we are not a member — to address the supply issue and work to address it here as well.”

“I would also note that what we’re also working to address is more of a logistics issue of how we are moving supply around the country, which means there are shortages in some places and not others, and that’s something that we are also working to address.”

“We are certainly well aware of the impact on any increase in gasoline prices or any costs on the American people, and we’re going to use — continue to use every lever at our disposal,” Psaki added.

Energy Secretary Jennifer Granholm suggested earlier this month that the administration would release some crude from the Strategic Petroleum Reserve to keep prices in check. However, the department then retracted its remarks.

The United States has been requesting more oil from OPEC+ for some time, but the group has so far refused to heed the call. Although some OPEC countries have spare capacity to use, the cartel as a whole has taken a cautious approach to increasing output, which means retail fuel prices are likely to remain high at least until the next OPEC+ meeting holding on Thursday November 4.

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