When OPEC+ made a surprise decision earlier this month to cut oil production, President Joe Biden responded with the political equivalent of a shrug - a far cry from his declaration that there would be “consequences” for Saudi Arabia, the de facto head of the oil cartel, when it lowered output in October.
, and brings the White House in line with outside economic estimates that have been flashing red about the possibility of a recession for months.as the prospect of a possible recession in the US offset concerns of tight supply. Minutes from the Fed's last policy meeting, released Wednesday, indicated that banking sector stress could tip the economy into recession.
“The anticipated increase in oil prices for the rest of the year as a result of these voluntary cuts could fuel global inflation, prompting a more hawkish stance on interest rate hikes from central banks across the world," Victor Ponsford of Rystad Energy said in a research note.Biden came into office vowing to wean the country off fossil fuels, but Russia's invasion of Ukraine got in the way.
Biden has fewer tools to combat high prices this summer, particularly after drawing 180 million barrels from the nation's strategic reserves, bringing inventory to lows not seen since 1984. Discussions with refiners about expanding capacity or limiting fuel exports have dried up since last summer, oil executives told Reuters.
Total U.S. gasoline inventories sit at 222.57 million barrels, about 7% lower than the same time last year, according to the latest federal data. In the dense U.S. Northeast, gasoline inventories are down 7.6% from last year, federal data shows.
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