Biden Presses OPEC to Produce More Oil as Gas Prices Rise

The National Economic Council has tasked the Federal Trade Commission with monitoring the U.S. gasoline market to address any illegal activities contributing to price hikes. Despite a decrease in oil barrel costs, the U.S. has urged OPEC to reverse pandemic-related production cuts to help lower consumer prices as the global economy recovers.

What is the role of the Federal Trade Commission as directed by the National Economic Council?

• To monitor and address illegal activities in the gasoline market

• To increase gasoline prices

• To reduce oil production

• To negotiate with OPEC

What has been the trend in the cost of a barrel of oil?

• It has been increasing

• It has been fluctuating wildly

• It has been decreasing

• It has remained stable

What message did the US convey to OPEC regarding oil production?

• To stop oil exports

• To increase production cuts

• To maintain current production levels

• To reverse the production cuts made during the pandemic

Why is it important to reverse the production cuts according to the transcript?

• To lower prices for consumers

• To reduce oil dependency

• To stabilize the global economy

• To increase oil prices

What is the expected outcome of reversing production cuts as the global economy recovers?

• Higher gasoline taxes

• Lower prices for consumers

• Increased oil prices

• Reduced oil consumption