agreed Wednesday on new sanctions that are expected to include a price cap on Russian oil. and other members of the Group of Seven wealthy democracies to impose a price cap on Russian oil could reduce supply if Russia retaliates by refusing to ship to countries and companies that observe the cap. Oil supply could face further cutbacks in coming months when a European ban on most Russian imports takes effect in December. High inflation is a fundamental drag on Biden’s approval and has dampened Democrats’ chances in the midterm elections. would not extend releases from its strategic reserve to increase global supplies.īiden has tried to receive credit for gasoline prices falling from their average June peak of $5.02 - with administration officials highlighting a late March announcement that a million barrels a day would be released from the strategic reserve for six months. White House press secretary Karine Jean-Pierre told reporters Tuesday that the U.S.
President Joe Biden as his Democratic Party gears up for congressional elections next month. drivers, who saw lower gasoline prices at the pump before costs recently started ticking up, and for U.S. The fall in oil prices has been a boon to U.S. or Europe will sink into recession due to high inflation, rising interest rates meant to curb rising consumer prices, and uncertainty over Russia’s war against in Ukraine. The decision comes as oil trades well below its summer peaks because of fears that major global economies such as the U.S. The alliance also said it was renewing its cooperation between members of the OPEC cartel and non-members, the most significant of which is Russia. The impact of the production cut on oil prices - and thus the price of gasoline made from crude - will be limited somewhat because OPEC+ members are already unable to meet the quotas set by the group. In a statement, OPEC+ said the decision was based on the “uncertainty that surrounds the global economic and oil market outlooks.”
#Weather in vienna next 7 days drivers#
drivers just ahead of key national elections.Įnergy ministers meeting at the Vienna headquarters of the OPEC oil cartel cut production by 2 million barrels per day starting in November at their first face-to-face meeting since the start of the COVID-19 pandemic.īesides a token trim in oil production last month, the major cut is an abrupt turnaround from months of restoring deep cuts made during the depths of the pandemic and could help alliance member Russia weather a looming European ban on oil imports. Highs in the mid-60s.The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. Highs in the low 70s.įRIDAY: Early sun, then partly cloudy. THURSDAY: Cloudy, breezy, Occasional showers. WEDNESDAY: Increasing clouds and more humid. Given the warmer days and cooler nights ahead this week, fall foliage will likely reach peak color west of I-81 with moderate color likely to show up as far east as the Blue Ridge by next weekend. this weekend, the air doesn’t appear it will be cold enough for a killing-freeze that would end the growing season for the entirety of the Blue Ridge to I-81 corridor. While another frost is expected west of D.C. On the heels of the front, a fall pattern similar to the one we are coming out of will bring a fresh round of chilly temperatures. A strong front is poised to cross the region Thursday afternoon, with wind-driven rain showers. Wednesday and Thursday will be the warmest days of the week, with highs well into the 70s.
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