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Apr 03 2023
President Biden is doubling down on his push for an economy-wide transition to clean energy sources like wind and solar even as energy prices soar in response to global fossil fuel production cuts.
On Monday, after the Organization of the Petroleum Exporting Countries (OPEC) announced massive oil production cuts, the White House issued a joint statement with the European UnionFox News (Online News)
Oct 15 2013
In The Wall Street Journal Daniel Yergin writes that the oil embargo 40 years ago spurred an energy revolution. World production is 50 higher today than in 1973.Wall Street Journal (News)
Jun 02 2022
OPEC+ pledged on Thursday to increase oil production further after resisting repeated calls by the Biden administration and other nations to do so to tame high prices.
The cartel, which includes nonmember Russia, committed to raising its collective production by 648,000 barrels per day beginning in July, a roughly 200,000-barrel-per-day increase from its recent monthly productionWashington Examiner
Apr 05 2023
Gasoline prices are likely to increase ahead of peak driving season as a result of the announcement Monday that several oil-rich nations will cut oil production, multiple analysts told FOX Business.
On Monday, the Organization of the Petroleum Exporting Countries (OPEC) announced massive oil production cuts in a potential blow to global energy markets. As part of the announcement, OPECFox Business
Oct 05 2022
The Biden administration’s scramble to avoid another surge in US gas prices took a major hit Wednesday after OPEC and Russia approved a significant cut in oil production.
Oil jumped to $87 on Wednesday after the OPEC+, a group of oil-producing nations that includes Russia, slashed output limits by 2 million barrels per day. The cut would mark the largest drop in OPEC+ oil productionNew York Post (News)
Nov 21 2022
Saudi Arabia and other OPEC oil producers are discussing an output increase, the group’s delegates said, a move that could help heal a rift with the Biden administration and keep energy flowing amid new attempts to blunt Russia’s oil industry over the Ukraine war.Wall Street Journal (News)
Jun 02 2022
The Opec oil cartel and its allies have agreed to ramp up production of crude amid a surge in global demand, but did not exclude Russia from contributing to future increases despite its invasion of Ukraine.
Ministers representing Opec’s 13 members and 10 non-Opec producers led by Russia, a grouping called Opec+, said on Thursday they would increase output by nearly 650,000 barrels a dayThe Guardian
Apr 03 2023
Several OPEC+ members are set to tighten global production by an additional 1.16 million barrels per day until the end of the year, further burdening central bank efforts to curtail global inflation — but critically protecting the alliance’s broader output strategy from political pressures.
Washington has stepped in to criticize Sunday’s announcement where eight OPEC+ producers —CNBC
Apr 03 2023
The Organization of the Petroleum Exporting Countries and its allies said they decided Sunday to cut production in an effort to support oil-market stability, but that offers little comfort to consumers worried about inflation and an expected spike in fuel demand during the coming summer driving season.
The surprise output reduction by the group known as OPEC+ starting in May also comesMarketWatch