The Biden Administration wants the OPEC+ alliance to pump more oil to lower gasoline prices The group dominated by Middle Eastern oil producers and Russia can’t do much more than it’s already doing Spare production capacity of OPEC+ members is dwindling Analysts say that the spare capacity is even lower than official estimates The United States announced a release from its Strategic Petroleum Reserve (SPR) on Tuesday, saying at the same time that it hopes OPEC+ would continue to add 400,000 barrels per day (bpd) to its production every month as per the plan outlined in July. While the U.S. Administration wants the OPEC+ alliance to pump more oil and thus help lower high oil and gasoline prices, the group dominated by Middle Eastern oil producers and Russia can’t do much more than it’s already doing—even if its only goal were to help U.S. consumers pay much lower prices […]