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America Turned to OPEC+ Countries to Increase Production

After a significant period of quarantines and restrictions for traveling, Americans have enthusiastically turned to the nation’s highways as the situation is beginning to get stable. Specifically, in the summers of 2021, there was a surge in outgoing activities. Resulting in higher gasoline demand, and pump prices are at levels not witnessed since 2014.

Recently, regular-grade gas prices averaged $3.17 per gallon, up almost 50 percent from the corresponding time last year. Besides higher fuel prices endangering to impair the nation’s continuous economic recovery, it’s evident that the Biden administration is contemplating ways to manage it.

However, the White House recently decided to counter to higher pump prices by promoting OPEC+ countries to increase oil production, which is difficult to interpret in a positive aspect as this move is raising concerns and objections in the political spectrum.Since, addressing countries like Saudi Arabia and Russia to expand their output of high-carbon crude oil correspond indirectly to the president’s pronounced goals regarding climate change, clean energy, domestic job creation, and energy security.

The administration’s formidable electric vehicle aims are taking a subsequent rise due to geopolitical uncertainty and skepticism regarding the availability of minerals required for electric vehicle batteries. The rapid fall of Afghanistan to the Taliban administration endangers to hand one of the world’s largest deposits of lithium which is supposedly the most crucial mineral for batteries, over to Russia and China, and they readily dominate the world market for rare earth metals.The Biden administration expects OPEC+ countries or mineral-rich nations like Afghanistan, China, and Bolivia for aid.

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