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Aug 11, 2021 - Energy & Environment

White House calls on OPEC+ to increase oil production as gas prices rise

Andrew Freedman
Jake Sullivan

National security adviser Jake Sullivan. Photo: Chip Somodevilla/Getty Images

The White House on Wednesday morning moved to address higher gas prices by directing the Federal Trade Commission to investigate any "illegal conduct" and "anti-competitive practices" involving gasoline prices, and leaning on OPEC+ members to boost production.

Flashback: In July, OPEC+ agreed to boost production by 400,000 barrels per day on a monthly basis starting this month and lasting into 2022.

What they're saying: In a statement released Wednesday morning, White House national security adviser Jake Sullivan stated that unchecked higher gasoline costs risk harming the economic recovery.

  • "While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022," Sullivan wrote. "At a critical moment in the global recovery, this is simply not enough."
  • Sullivan said the Biden administration is "engaging with relevant OPEC+ members" to discuss "the importance of competitive markets in setting prices."
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