OPEC production cut could halt the slide in gasoline prices
Moreover, OPEC’s potential move comes at an inopportune time for Biden as he tries to control the narrative on rising costs ahead of the November midterm elections that will decide if Democrats keep control of . The jump in oil portends an increase in gasoline prices, one of the most visible signs of inflation for voters.
Pump prices, which have plunged 24% from June’s record above $5 a gallon thanks to a tumble in crude, were already ticking up before OPEC began considering cuts. Since a nearly-100 day decline, the national average has climbed for 12 of the last 13 days as refinery outages and low imports on the West Coast strain fuel supplies.
In California, home to the costliest gasoline in the U.S., prices are nearing their June peak again, and the increase is spilling over into neighboring states. The election battleground of Nevada has the most expensive gasoline after California, and other key states like Michigan and Arizona are paying prices above the national average of $3.
“Thanks to our efforts, we have seen some energy prices have declined sharply from their highs and American consumers are paying far less at the pump. And so that’s going to be our focus,” she said.
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