Gas prices soaring, OPEC & Russia not coming to rescue

(CNN) OPEC and its allies are disregarding President Joe Biden’s call to produce more oil in his effort to ease soaring energy prices.

During a virtual meeting Thursday, the coalition decided to stick to its plan to gradually increase production, saying it will increase output by only 400,000 barrels per day in December.

OPEC and its partners are facing calls from the US and other major energy consumers, like Japan and India, to open the taps wider to help bring global prices down.

During the climate summit in Scotland Tuesday, Biden blasted Russia and the OPEC nations, saying rising gas prices are a consequence of their refusal to pump more oil.

OPEC members produce about 40% of the world’s crude oil.

US gas prices have surged to a seven-year high of $3.40 a gallon nationally.

Prices are nearly $4 a gallon in Nevada, Washington and Oregon.

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