US trying to keep OPEC out of gasoline prices

The United States is trying to keep the Organization of the Petroleum Exporting CountriesOrganization of the Petroleum Exporting Countries and its allies from OPEC nations out of the oil-producing countries from rising gasoline prices, because President Joe Biden is trying to keep the US gasoline prices from rising, according to a report by the United States.

Washington is arguing with the OPEC that economic fundamentals don't support an output cut, according to sources.

Over the last four months, oil prices have fallen, dragged down by fears of a global recession after central banks tightened their policy rates aggressively to rein in inflation. On Monday, prices went up more than 3% after reports indicated that the OPEC is likely to consider a cut of over a million barrels per day in the new trading week.

The United States' Brent Oil Fund BNO closed 3% higher on Tuesday, while the Vanguard Energy Index Fund ETF VDE closed over 4%.

White House Press Secretary Karine Jean-Pierre said they would not comment on any OPEC action until the Organization acts. We will continue to take steps to protect American consumers. She said that our focus was on taking every step to make sure markets are sufficiently supplied to meet the demand for a growing global economy.

The report said that an increase in oil prices could impact the Democratic prospects during the Nov. 8 congressional election. In September, OPEC had reduced its output by 100,000 barrels per day.

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