OPEC’s Surprise Output Hike Offers Biden Break on Gas Prices
- Move may reduce gasoline prices as Americans head to polls
- Biden has taken unique ownership over prices at the pump
Oil prices have dropped almost 5% since OPEC and its allies agreed to gradually unwind some production cuts starting in October.
Photographer: Martin Divisek/BloombergThis article is for subscribers only.
US President Joe Biden may have just received a timely election boost from an unlikely source.
OPEC+’s decision on Sunday to put more oil into the global market potentially keeps a lid on gasoline prices through the end of the year, which could help cool voters’ wrath over costs at the pump.