The daily business briefing: October 7, 2022

Biden says U.S. considering alternatives to OPEC oil after production cut, a judge postpones the Musk-Twitter trial as the two sides discuss deal, and more

Joe Biden
(Image credit: MANDEL NGAN/AFP via Getty Images)

1. Biden seeks alternatives to OPEC oil after production cut

President Biden said Thursday his administration is looking for alternatives to oil from OPEC+ countries to keep gasoline prices from rising significantly after the alliance's decision to cut production by two million barrels a day. "We are looking at alternatives — we haven't made our minds up yet," Biden said. The president defended his decision to visit Saudi Arabia in July, saying it was about diplomacy in the Middle East and Israel, not oil, as many believed. Still, he said he was disappointed by the production cut by the Organization of Petroleum Exporting Countries, led by Saudi Arabia, and other oil producers led by Russia. Pump prices were already rising in recent weeks, a potential problem for Democrats in the November midterm elections.

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