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AP National Business

OPEC+ oil boost likely not much help to high gasoline prices

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Published 2:27 AM

By CATHY BUSSEWITZ
Associated Press

NEW YORK (AP) — The OPEC oil cartel and allied producing nations have decided to boost production of crude by an amount that will likely do little to relieve high gasoline prices at the pump and energy-fueled inflation plaguing the global economy. The group agreed Thursday to an increase of 648,000 barrels per day in August, which leaves the world thirsty for oil as it rebounds from the COVID-19 pandemic. It also runs up against the inability of the 23-member OPEC+ alliance to meet its production quotas. Biden, facing political pressure at home, has been urging oil-producing countries to open the taps and help bring down gasoline prices for American drivers.

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