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Biden Pursues Venezuela After Saudi Rebuff

The Biden administration is still looking for 'alternate' sources of oil after OPEC+ decided to cut production. Venezuela could benefit from their desperate search.

Venezuelan President Nicolas Maduro gestures as he waits to receive Turkey's Foreign Minister Mevlüt Çavusoglu at Miraflores Palace in Caracas, on April 29, 2022. (Photo by YURI CORTEZ/AFP via Getty Images)

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.

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