3 major news networks warn that the OPEC announcement is "bad news for Democrats" as
Published: 10-10-2022 10:19
The Organization of the Petroleum Exporting Countries and its allies said Sunday that they would increase production by 1 million barrels a day in 2019, a decision that is likely to lead to higher gasoline prices in the United States.
The announcement was made at a meeting in Vienna, where representatives of the cartel and its allies were gathered to discuss production levels for next year. The group, known as OPEC , had been expected to announce a production cut of about 1 million barrels a day.
But Saudi Arabia, the de facto leader of OPEC, reversed course at the last minute and pushed for a production increase, arguing that oil prices had risen too high and were beginning to hurt the global economy. The Saudis were supported by Russia, another major oil producer.
The decision is likely to lead to higher gasoline prices in the United States just as Americans are heading into the summer driving season and preparing for the midterm elections in November.
Democrats on Sunday morning news shows warned that the OPEC announcement was "bad news for Democrats" as gas prices are expected to spike ahead of the midterms.
"This is clearly bad news for Democrats," said Rep. Adam Schiff (D-Calif.), a member of the House Intelligence Committee, on ABC's "This Week." "High gas prices are not popular."
"Republicans will say this is because Trump is doing so well economically that even energy prices are going up," Schiff added. "But it will put pressure onswing districts where this could be determinative."
Sen. Amy Klobuchar (D-Minn.), who is up for reelection this year, echoed those concerns on CNN's "State of the Union."
"This is bad news," Klobuchar said. "It's going to hit people's pocketbooks right when they're filling up their tanks for Memorial Day weekend."
