White House pushes clean energy, says US must reduce reliance on foreign oil in wake of OPEC+ decision
OPEC+ to cut oil production by 2 million barrels a day
FOX Business host Stuart Varney argues OPEC+ increasing oil prices is 'another problem for the president.'
The White House is hoping clean energy will help the U.S. weather Wednesday's decision by the Organization of the Petroleum Exporting Countries to cut back oil production.
Ministers from Organization of the Petroleum Exporting Countries (OPEC+) on Wednesday said they would cut oil production by 2 million barrels a day in a move that is expected to raise oil prices globally.
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A 3D-printed oil pump jack is seen in front of the OPEC logo in this illustration picture, April 14, 2020. (REUTERS/Dado Ruvic/File Photo / Reuters Photos)
Reacting to OPEC's decision, White House press secretary Karine Jean-Pierre said Wednesday the administration is banking on clean energy to get the country through.
"Today's announcement is a reminder of why it is so critical that the United States reduce its reliance on foreign sources of fossil fuels with the Inflation Reduction Act," Jean-Pierre told reporters.
The OPEC decision comes as the White House has pushed top oil producers like Saudi Arabia — which leads the international oil cartel — not to make drastic cuts to oil production as gas prices remain high.
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An oil pumping jack, also known as a "nodding donkey", in an oilfield near Dyurtyuli, in the Republic of Bashkortostan, Russia, on Thursday, Nov. 19, 2020. (Andrey Rudakov/Bloomberg via Getty Images / Getty Images)
She added, "We are making a historic investment in accelerating the transition to clean energy as it relates to Russia."
While the cuts will likely negatively impact consumer wallets, they are expected to spur a recovery in oil prices for producing nations like Russia, Kuwait and the UAE.
To help curb the pain at the pump, the White House continues to order deployment of the Strategic Petroleum Reserve. This policy is set to continue into the future, Jean-Pierre explained.
"The Department of Energy will deliver another 10 million barrels from the Strategic Petroleum Reserve to the market next month as part of the historic 180 million barrel release the president ordered back in March," the press secretary said. "And the president will continue to direct the SPR releases as necessary."
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White House press secretary Karine Jean-Pierre speaks during the daily briefing at the White House in Washington, Wednesday, May 18, 2022. (AP Photo/Susan Walsh / AP Newsroom)
Prices at the pump range from $3.06 per gallon in Mississippi to as much as $6.41 per gallon in California, according to AAA. The national average gas price is currently sitting at $3.80 per gallon.
FOX Business' Caitlin McFall contributed to this report.