U.S. Energy Secretary Jennifer Granholm wants oil production to increase immediately in the face of rising fuel prices as oil nations unite on OPEC +. Oil cartels such as OPEC and Russia on Thursday decided to adhere to a gradual increase in production despite pressure from key countries, including the United States.
In an interview with the business channel CNBC at the COP26 climate summit in Glasgow, Scotland, Granholm said more oil production was needed to prevent people from being hit by higher prices during the winter months. Due to the strong demand for economic recovery from the corona crisis, oil prices have soared for many years, triggering inflation in many countries as energy prices rise.
The OPEC + consortium will increase oil production again by 400,000 barrels a day in December. Earlier, US President Joe Biden criticized OPEC + for not doing enough against high prices. Japan, India and China also want more oil to be pumped.
Granholm told Bloomberg News that Biden may want to tap US strategic oil supplies to deal with higher prices. According to him, the government is very concerned about expensive fuel. Those strategic items are over 600 million barrels stored underground for emergencies in the states of Texas and Louisiana.
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