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Are U.S. Pleas to OPEC Too Late?

Are U.S. Pleas to OPEC Too Late?

oil_gas_production

Industry Segment: Production | Word Count: 593 Words

June 3, 2022--Researched by Daniel Graeber for Industrial Info Resources (Sugar Land, Texas)--Without much left to do on domestic energy policy, the U.S. president is widely expected to make pleas for more oil during an upcoming visit to allies in the Persian Gulf.

Thursday's national average retail price of $4.71 for a gallon of regular unleaded gasoline in the U.S. set a record, according to travel club AAA. Mounting inflation, compounded by the rally in commodity prices that greeted the Russian invasion of Ukraine, could eventually lead to recession as consumers exhaust their savings on everything from fuels to groceries, and demand destruction sets in.

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