Deputy press secretary said Biden administration is actively monitoring global fuel shortages
The White House currently has no plans to take action to reduce gas prices, which have hit a seven-year high in recent days, Deputy Press Secretary Karine Jean-Pierre told reporters Thursday.
Jean-Pierre said officials in the Biden administration are actively monitoring the global fuel shortage and looking at ways to address the situation. The average cost of gas has reached $3.24 per gallon, an increase of more than $1 from a year ago.
“The reality is that we continue to monitor the supply of the global energy market and we will work with our agency partners to determine if and when action is needed,” Jean-Pierre said. “For example, after petrol prices diverged from crude oil prices this summer, the administration contacted the FTC to ask them to investigate anti-corruption practices in the oil and gas industry, including collusive pricing. , and the FTC responded.”
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“We will continue to look for ways to address the burden of energy costs on American households, but we have no announcements at this time,” she said.
Energy production has lagged behind rising demand for petroleum products in recent days as the US economy and other countries recover from the COVID-19 pandemic. The supply crunch has prompted speculation that crude oil prices could reach $100 a barrel in the coming weeks.
US Energy Secretary Jennifer Granholm suggested during an interview with the Financial Times that the Biden administration might consider issuing emergency oil reserves to cushion rising prices. A Department of Energy spokesman later said there were “no plans at this time” to take that step.
Rising gas prices present a potential political liability for the Biden administration amid concerns about higher consumer prices in the current economy.
Jean-Pierre argued that the rise in gas prices was evidence that the US should pursue new energy sources. Biden’s $3.5 trillion spending bill would include major investments in green energy.
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“What I want to say is that this situation really underscores the continuing need to diversify our energy and fuel sources,” said Jean-Pierre. “As you can imagine, we can’t take our eyes off the ball, so we must invest in and deploy clean energy solutions at home and around the world to strengthen energy security and reduce economic instability.”