What OPEC cuts mean for your gas tank
Clearview energy partners' Kevin Book explains the impact of OPEC's oil cuts on U.S. gas prices on 'Special Report.'
An analysis by CNN reporter Stephen Collinson said a spike in gas prices could hurt Democrats in November and be the "October surprise Americans can't afford," after OPEC+ announced they would cut oil production.
The decrease in production is expected to drive up costs at the pump, which could hurt Democrats as the midterms get closer, Collinson wrote Thursday.
"More pain at the pump would be a major blow to Democrats weeks from the midterm elections and bring President Joe Biden’s boasts about getting the price per gallon down from record highs in June back to haunt him," he said.
Collinson wrote that a spike in gas price would revive the GOP's hopes for a red wave.
Gas prices over $7.00 a gallon are displayed at a Chevron gas station on May 25, 2022 in Menlo Park, California. (Photo by Justin Sullivan/Getty Images)
LAWMAKERS CRITICIZE US RELIANCE ON FOREIGN OIL AS OPEC+ SLASHES PRODUCTION
OPEC ministers announced on Wednesday that they would be cutting oil production by 2 million barrels per day despite the push from the Biden White House to not cut production as gas prices remain high.
Biden announced on Wednesday that he would release 10 million more barrels from the Strategic Petroleum Reserve in November in response to the move by OPEC.
An increase in gas prices would hurt Biden, the CNN analysis said, because it would "fuel perceptions" that he isn't responding well enough on economic issues.
"The White House already damaged its credibility on inflation, insisting multiple times over the last year that it was a temporary issue – even as the cost of grocery bills soared and the lived economic experience of many voters diverged from the more rosy descriptions of the economy coming from administration officials," Collinson wrote.
U.S. President Joe Biden speaks during an event to celebrate passage of the "Safer Communities Act," on the South Lawn at the White House in Washington, U.S., July 11, 2022. (REUTERS/Kevin Lamarque/File Photo)
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Collinson said Biden might have to resort to old tactics, such as the "Putin price hike" and blaming U.S. oil companies for not lowering the price of gasoline.
The White House consistently blamed Russian President Vladimir Putin and the war in Ukraine for the increase in gas prices.
The CNN analysis also said Republicans were likely to capitalize on criticizing Biden as gas prices spike.
U.S. President Joe Biden, March 31, 2022. (REUTERS/Kevin Lamarque/File Photo)
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The White House slammed the move by OPEC in a statement released by National Security Adviser Jake Sullivan and NEC Director Brian Deese.
The statement said Biden was "disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine."
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