But while the White House touted the move as a positive step for global energy security, it is unlikely to provide much relief at the pump. Gas prices jumped to another record high Thursday, averaging $4.71 per gallon nationwide, according to AAA.
In April 2020, OPEC+ pulled 10 million barrels of fuel per day from the market and has slowly added capacity back as energy demand increases worldwide.
Oil prices had initially slackened on news OPEC+ was poised to boost production. But West Texas Intermediate crude futures, the U.S. oil benchmark, crept back up and were trading at nearly $117 a barrel shortly after the announcement, roughly the same price as Wednesday. Brent crude, the international benchmark, also bounced back to its Wednesday price.
OPEC+ ministers “highlighted the importance of stable and balanced markets for both crude oil and refined products,” according to a brief readout of the results of Thursday’s meeting.
Energy markets have been anything but stable lately. Even before Russia’s invasion of Ukraine, inflation was pushing oil prices up worldwide. Since the Kremlin launched its attack Feb. 24, Brent crude has risen 17 percent.
