Administration officials believe the U.S., the world's largest oil consumer and global economy have entered a more predictable, less volatile phase. This year, gasoline prices have stabilized at lower levels, U.S. oil production is approaching record highs and the job market, while still strong, is cooling down along with inflation, administration officials say. Oil prices slipped on Thursday as the prospect of a possible recession in the US offset concerns of tight supply. Slowing economy or not, the OPEC move could still complicate Biden's efforts to tame nagging inflation and dampen gasoline prices at home, according to multiple interviews with U.S. officials and analysts. Discussions with refiners about expanding capacity or limiting fuel exports have dried up since last summer, oil executives told Reuters.

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