The White House hopes OPEC+ member countries will decide to release oil supplies to meet demand when they meet this week and said it was frustrating to see oil prices go down without a corresponding drop in gasoline prices at the pump.
“Yes, we’re frustrated. We’re frustrated because you’ve seen a decrease in oil prices. You’ve not seen a decrease in gas,” White House press secretary Jen Psaki said at a news briefing.
“It doesn’t take an economist. It doesn’t take in oil market expert to recognize that that doesn’t sound, look or smell right.”
President Joe Biden has sought investigations possible illegal conduct into oil and gas markets that are keeping fuel prices high.
RELATED:
Biden Asks FTC to Redouble Probe of Possible ‘Illegal Conduct’ over High Gas Prices
The White House is in regular touch with OPEC member countries and hopes they will take action during a policy meeting on Dec. 1, she said.
“We are hopeful they will release supply to meet the demand up there on the marketplace,” Psaki said.
Recommended Reading
Oil and Gas Chain Reaction: E&P M&A Begets OFS Consolidation
2024-04-26 - Record-breaking E&P consolidation is rippling into oilfield services, with much more M&A on the way.
Exxon Mobil, Chevron See Profits Fall in 1Q Earnings
2024-04-26 - Chevron and Exxon Mobil are feeling the pinch of weak energy prices, particularly natural gas, and fuels margins that have cooled in the last year.
Marathon Oil Declares 1Q Dividend
2024-04-26 - Marathon Oil’s first quarter 2024 dividend is payable on June 10.
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.