Gasoline prices are soaring. Will OPEC pump more oil?
CNN
Even as the world debates the end of fossil fuels at COP26 in Glasgow, OPEC and its allies are discussing whether to pump more oil to tame soaring energy prices that are fueling global inflation and hurting vulnerable households.
Energy ministers from major oil and gas producers, including Saudi Arabia and Russia, meeting virtually on Thursday, are under pressure from big customers such as the United States to increase production by more than the 400,000 barrels per day they had already planned.
Speaking at the climate summit in Glasgow on Tuesday, President Joe Biden said that rising gasoline prices are "a consequence" of "the refusal of Russia or the OPEC nations to pump more oil."
Millions of Americans have taken to the skies, hit the road, fired up the barbecue grill and jumped into the pool this weekend to celebrate the start of summer 2024. Analysts are expecting the Memorial Day weekend to usher in yet another summer of strong consumer spending on travel and other leisure activities.