According to a CNN report, the White House is making a last-ditch effort to convince the Organization of the Petroleum Exporting Countries and its allies not to cut oil production.
The Saudi-led oil group and its allies such as Russia are expected to attend the meeting. They are expected to agree to a reduction of at least one million barrels a day to push up crude prices.
Reduced supply would likely cause US gas prices to go up, as they could cause a rally in oil prices from their recent losses. There are five weeks to go before the elections.
According to CNN, the White House described the expected OPEC+ output cuts as a "total disaster" that could be seen as a hostile act.
The White House supports President Joe Biden's efforts to lower everyday costs for American families as he campaigns for reelection.
Citi strategists said in a note that higher oil prices would annoy the Biden administration ahead of the elections.
They said there could be more political reactions from the U.S. They said the anti-trust bill could be pushed by the Biden administration.
The White House didn't reply immediately.
The National Security Council has made it clear that energy supply should meet demand to support economic growth and lower prices for consumers around the world.
This isn't the first time that the Biden administration has clashed with the oil company. Russia's invasion of Ukraine caused crude prices to soar above $125 a barrel in March.
Saudi Arabia, the world's top crude oil exporter, has been put under pressure by the US to keep production high.
The power of the Organization of the Petroleum Exporting Countries has waned in the past decade, but it is now at an all-time high, according to an analyst.
Currie told CNBC that the reason the oil market is tight is because investors are fleeing the market.
The price of oil has fallen in the last three months. They have gone up in recent days on expectations for the cuts. There was a decline in the price of crude on Wednesday. The price of crude oil was down.
The analyst said crude prices could hit $100 a barrel.
The opposite of what the US wants right now is what the Organization of the Petroleum Exporting Countries is considering.
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