Oil Prices, Demand Remain High
The price for oil continues to set records, with West Texas Crude trading over $121 per barrel in early Tuesday action, that’s nearly double the price we saw back in August. With energy prices driving inflation to levels the U.S. economy hasn’t seen in four decades, the White House is in the planning stages of President Biden's visit to Saudi Arabia. This comes after OPEC announced last week it would increase production in an effort to lower these high fuel prices.
But White House press secretary Karine Jean-Pierre said energy will not be the only issue the two nations discuss.
“Of course he will be, they will discus energy with the Saudi government. I think what I'm trying to say is to look at this trip as it only being about oil, is not, would be simply wrong to do that so we just wanted to be clear on that in that regard.”
In the past, President Biden has been critical of the Saudi Prince, and has expressed a desire for the U.S. to move away from oil to green, alternative energies.
“To view engagement with Saudi Arabia on energy security as asking for oil is simply wrong and a misunderstanding of both the complexity of that issue and our multi-faceted issues with the Saudis.
According to AAA, there is no relief in sight for fuel prices, as demand in the U.S. and internationally remains high, and moving up. AAA says the national average for a gallon of gasoline sits above for the $5 mark for the first time ever, at $5.01.
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