Here we go again. First, it was the "pariah" nation, Saudi Arabia. Next, it is brutal socialist Venezuela.
President Biden was disappointed when OPEC+ announced planned cuts of two billion barrels a day on Wednesday. The blow was severe, given his administration had dispatched senior officials to encourage the Saudi government not to cut oil production ahead of its Wednesday decision. A CNN report described the White House as"having a spasm and panicking."
The national average for a gallon of regular gasoline is $3.87. Gasbuddy estimates that the production cuts would increase it by another 15 to 30 cents a gallon.