The Biden administration said it would “consider the full range of tools at our disposal to bolster resilience and public confidence” after the OPEC+ coalition, which includes Saudi Arabia and Russia, disregarded calls from big oil consuming nations including the United States to increase output by more than planned in December.

“Our view is that the global recovery should not be imperiled by a mismatch between supply and demand,” a spokesperson for the US National Security Council said in a statement. “OPEC+ seems unwilling to use the capacity and power it has now at this critical moment of global recovery for countries around the world.”

The price of Brent crude oil, the global benchmark, has roughly doubled over the past year to $81 per barrel as the global economy rebounds from its pandemic slump. Bank of America predicts that prices will zoom even higher and hit $120 per barrel by June 2022.
Soaring oil prices are driving up gas…

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