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In this composite image a comparison has been made between fuel shortages in England in 1978 (L) and 2012 (R). ***LEFT IMAGE*** A sign reading 'Sorry No Petrol' outside a service station during a petrol shortage on February 7, 1978 in England. ***RIGHT IMAGE*** A sign is displayed at a petrol station informing customers of the lack of fuel on March 30, 2012 in Brighton, England.
Vladimir Putin's group snubs Joe Biden's call after an impending gas shortage will hit the US. Instead, Russia has ignored the US president's call to seek assistance to resolve the impending fuel crisis.
Fuel costs are rising in Europe and Asia, threatening economic gains and replacing them with a loss. The White House tries to contact Russia for some relief of sorts but gets ignored with no answer.
Putin snubs Biden request for help
Rising costs to acquire natural gas and coal are at their highest that has been experiencing recently. The big squeeze of energy supplies in Europe and Asia has affected millions, reported the Express UK.
Unpredictably, the energy crunch is now affecting the US, but no answer has been given despite calls from the White House to OPEC leaders. The Organization of the Petroleum Exporting Countries does not seem to mind what Biden has to say.
The OPEC has 13 member nations, including Russia, Algeria, Iraq, and Venezuela, ignoring the current US administration. Washington asked for an increase in crude oil production to offset the looming energy shortage, cited News Chant.
Call with Moscow as a member nation of the OPEC+ group from 2016, stated on Monday that the organization will not listen to the White House to increase the crude production per day. Only 400,000 barrels will be the threshold limit per day, even if the deficit needs to be counter-balanced.
The OPEC group snubs Joe Biden's call and sticks to their gun despite backlash from the US, UK, and China, further causing misgivings that impending gas shortage will sideline all economic comebacks when the pandemic is over.
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After the Biden snub, crude oil prices in the US are at their highest in the last seven years. Even more than the Trump years, that was far more stable.
Last Monday, the US petroleum benchmark West Texas Intermediate jumped up 3% to over $78 per barrel for the first time after 2014.
An increase to $82 per barrel according to Brent crude, one of the international marks was indicated from the last three years, noted the Economic Times. Last Tuesday, US oil was traded at $77.80 a barrel, while Brent crude price stayed at $81.60.
The White House press secretary, Jen Psaki, remarked that all options would be in play, even if the US is not a member of the OPEC.
No matter what the White House says that it might find a solution, they could do nothing. OPEC is not blaming the block with Russian as one of the leading producers.
Group of oil-producing countries
OPEC is a group of oil-producing countries founded on September 14, 1960, in Baghdad, then joined by its first five members Iran, Iraq, Kuwait, Saudi Arabia, and Venezuela. But more countries joined the group later.
OPEC+ is another set of countries that joined in succeeding years and made the bloc more powerful over the years, including Russia, Iran, Venezuela
But what should be noticed is that these countries do not meet with the US. Still, Putin's group snubs Joe Biden's call to prevent impending gas shortage because they control the flow of crude that will adversely affect both Europe and the US.
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