OPEC+ Cuts Put Focus on Prices in Pre-Midterm Blow for Democrats
- Impact at pump modest, but voters likely to blame Biden, party
- Production decision adds more tension in US-Saudi relationship
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Saudi Arabia’s backing for a surprise OPEC+ oil production cut a month before the US midterms is a blow to Democrats’ election prospects and further strains an alliance that was once a linchpin of the nation’s Middle East diplomacy.
Though analysts anticipate only modest increases in the price of gasoline in the coming weeks, the oil cartel’s move refocuses public attention on a flash point of consumer anger over the rising cost of living. Steady declines in pump prices since June have already bottomed out, with the national average retail price climbing 19 cents a gallon since Sept. 19 to $3.87.