The Biden administration said OPEC's decision to cut oil production is 'shortsighted.'
Brent crude oil cost above $120 per barrel in June,Saudi Arabia's Minister of Energy Abdulaziz bin Salman looks on during a press conference after the 45th Joint Ministerial Monitoring Committee and the 33rd OPEC and non-OPEC Ministerial Meeting in Vienna, Austria, on October 5, 2022. The Biden administration has called OPEC's latest decision to cut oil production"shortsighted.
He added that"the worst appears to be over" in California, saying price differentials are"plunging" and leading to 45-cent decreases in gas values. "its VERY nuanced right now because of refinery kinks, but high #gasprices will soon fall in the West Coast, Great Lakes and others where they exploded, while rising in the Gulf, South, SE, East Coast and NE because of OPEC's decision,"
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