President Biden told reporters on Thursday that the decision by the Organization of the Petroleum Exporting Countries OPEC to slash oil production was not only disappointing but shows there are more problems at play.
Biden said it was a disappointment that the decision by the Saudi-led oil cartel will affect Washington's relationship with Riyadh. There are problems, it says. The president made a statement one day after OPEC announced it would reduce oil production by 2 million barrels a day.
The move will give an economic boost to oil producing nations like Saudi Arabia, Russia and the UAE.
Gas prices will likely go up as stock levels diminish.
Biden said the White House was looking for alternatives but was not sure who the U.S. would turn to stave off rising prices at the pump, including whether the US will ease sanctions on Venezuela to boost production.
He said there are a lot of alternatives. We haven't made up our mind yet.