THE OIL GUYS
What does OPEC stand for?
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What does OPEC stand for?
OPEC is an abbreviation meaning Organization of the Petroleum Exporting Countries.
The intergovernmental organization stabilizes the oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers.
The member countries of OPEC include:
- Algeria
- Angola
- Congo
- Equatorial Guinea
- Gabon
- Irlan
- Libya
- United Arab Emirates
What did the White House say to OPEC?
On August 11, 2021, the urged OPEC to boost oil productions for economic recovery.
National security adviser Jake Sullivan said in a statement that OPEC's current plans would “not fully offset previous production cuts,” that were made during the pandemic.
“At a critical moment in the global recovery, this is simply not enough,” Sullivan added. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery.”
The request from the White House comes after gas prices have soured in the United States as the national average as of August 10, 2021, was $3.186, up from $3.143 a month ago.
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May 2021 marked the first time the national average crossed the $3 mark since 2014.
Along with OPEC, CNBC reported that the White House is also calling on Federal Trade Commission to “monitor the U.S. gasoline market” and “address any illegal conduct that might be contributing to price increases for consumers at the pump.”
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Why are gas prices going up?
Since February 2021, gas prices have throughout the US.
The gas prices continue to rise as more and more people are back on the roads following the loosening of Covid-19 restrictions.
During the pandemic, most US residents found themselves confined to their houses with nowhere to go and are now making up for lost time.
As more restrictions are lifted throughout the US, people are returning to normal, including the amount of time they travel.
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