Amid what would become a 98-day streak of declines, U.S. President Joe Biden was quick to take credit in August over one of his most serious political foes: high gasoline prices.
It was a victory lap that may soon prove premature.
More than a month after tweeting he had vanquished "Putin’s price hike at the pump,” Biden faces forces that even the U.S. government can’t match. The OPEC+ alliance of oil producing countries are poised to cut production by more than 1 million barrels a day to bolster global oil prices. A decision won’t be made until Wednesday, but the prospect caused crude to surge in excess of 6% before settling just below $84 a barrel in New York.