U.S. gas prices expected to rise again following OPEC+ decision

Published: Oct. 5, 2022 at 5:13 PM CDT
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BISMARCK, N.D. (KFYR) - Big news from the other side of the world means pretty soon it’ll cost more to fill up your car in North Dakota.

Today, the Organization of Petroleum Exporting Countries and some of their allies, a group made up of countries like Iran, Saudi Arabia and Russia, decided to reduce oil production by 2 million barrels per day. And less oil in the world means the price of gas could increase as much as 30 cents per gallon.

Proponents of North Dakota’s oil industry say OPEC’s decision today is the result of what they call bad American energy policy. “Several years ago we were energy dominant, we didn’t really care what OPEC did. Now we put ourselves back in a situation where a foreign country can basically dictate what’s going to happen to our energy prices in the world,” said Ron Ness, president of the ND Petroleum Council.

They say the Biden administration has the ability to lessen the OPEC blow by encouraging more oil production in the U.S. “We were producing more oil at the end of the Trump Administration and so that makes us much more susceptible to OPEC and Russia and other countries,” said Senator John Hoeven. And although Secretary of State Antony Blinken says the administration is doing all it can to keep costs low... “We are working every single day to make sure, to the best of our ability, that energy supply from wherever, is actually meeting demand,” said Blinken.

People like Ron Ness disagree. “I think American energy consumers can make their own determination on what this administration has done on energy prices,” said Ness. As a result of the OPEC decision today, the price of oil will almost certainly rise, and with it, higher prices at the pumps for all Americans.

In response to the reduction in oil production, President Biden said he was disappointed by what he called a ‘shortsighted decision.’ He also announced plans to consult with Congress to reduce OPEC’s control over energy prices.