As the cost of oil is constantly rising, the US authorities are beginning to think about increasing oil production. Politicians are confident that now is the right time to amass production volumes when prices are at their peak.
"We’re not a party to these talks but over the weekend and into this week, we’ve had a number of high-level conversations with officials in Saudi Arabia, the UAE and other relevant partners," White House Press Secretary Jen Psaki said. "The president wants Americans to have access to affordable and reliable energy, including at the pump. And so that’s why our team is constantly monitoring gas prices and directly communicating with OPEC parties to get to a deal and allow proposed production increases to move forward," Psaki added.
Psaki stressed that President Joe Biden had opposed raising a gasoline tax in the infrastructure bill because of concern about consumers.
According to the latest forecasts, an increasing number of experts are coming to the opinion that oil will soon break above the $100 per barrel level. Given that some countries are oil-oriented and their budgets are largely dependent on oil sales, such predictions bring optimism to the market. Some analysts are betting on the beginning of a supercycle in the commodity market in the first half of 2021. Such explosive growth in commodity prices is primarily associated with the recovery of the world economy after the coronavirus pandemic.
