Biden to Ask Gulf Alliance to Boost Oil Production
- President says he wants Gulf allies to boost production
- Surge in gasoline costs is pressuring Democrats to act
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Joe Biden’s July trip to the Middle East is poised to be a significant moment for gasoline prices, with the US president setting his sights on a promise of higher production from Gulf allies.
The stakes are high for the oil market because Saudi Arabia and the United Arab Emirates are the only countries with significant spare capacity to pump crude. Without a pledge from the two OPEC members to boost production, the president would lose a powerful tool for alleviating the economic and political pain caused by high fuel prices.