OPEC+’s recent move to boost oil production could greatly affect the forthcoming US elections, especially for President Joe Biden.
This decision could sway voters directly by stabilizing prices and reducing gasoline expenses, as there’s a clear connection between fuel costs and consumer budgets, potentially affecting public approval of the current administration.
President Biden, under pressure to tackle inflation and escalating expenses, may find solace in the timing of OPEC+’s decision.
Steady gasoline prices until year-end could help the Biden administration avoid additional voter backlash over economic concerns tied to fuel expenses.
Moreover, a brief reprieve in gasoline prices might enhance consumer confidence and garner support for Biden’s policies, potentially boosting his chances for reelection.