As the Biden administration publicly promotes falling gas prices, behind the scenes, White House officials worry prices could rise again.
“There hasn’t really been a policy that we can point you to that has helped the situation. When the executives met with the White House over the last few months, their primary message was don’t make it worse,” said Geoff Moody, vice president for government relations for the American Fuel and Petrochemical Manufacturers. “There were a lot of things that they were considering that they have not done that would have really exacerbated the situation.
Although gas prices have dropped from earlier this summer, they are still close to pre-pandemic highs. A gallon of gas is around 75 cents higher than it wasand more than a dollar above where it was in 2019 before the pandemic caused demand to tumble and oil producers and refiners to slash production.
While touting the recent decline, administration officials acknowledge that prices could rise again, though they expect prices to fall slightly more as demand typically drops in the fall. “This is a global market. Anything could happen, especially as it relates to what’s going on in Russia and Ukraine," one administration official said.from the U.S. Energy Information Administration that forecast prices dropping to $3.
One step the administration is looking to take to encourage oil companies to increase production is to guarantee that they will be able to sell their oil to the U.S. government at a fixed price as it begins to restock some of the barrels Biden sold off from the Strategic Petroleum Reserve. In the past, the federal government has paid the market rate when the oil was delivered, which could be more or less than the price when the contract was signed.
The administration has also been trying to hammer out a deal with other European and Asian allies to impose a price cap on Russian oil to bring down gas prices and cut into the Kremlin's revenue. The countries
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
How the meatpacking industry skirted COVID safety regulations with the help of the White HouseThe nation's meatpacking companies skirted COVID safety regulations. And they did it with the White House's help, according to a little known Congressional report. So how’d they get away with it? OnPointRadio has the story:
Read more »
Trump's turbulent White House years culminate in Fla. searchFormer President Donald Trump has had a lifelong habit of collecting things
Read more »
‘Fauci isn’t getting off that easily!’ Texas Republicans target departing doctor who led COVID responseSome GOP members vowed to investigate the top White House medical adviser as he announced...
Read more »
Jill Biden tests negative for COVID-19, will go to DelawareFirst lady Jill Biden has tested negative for the virus and will leave South Carolina, where she's been isolated since vacationing with President Joe Biden. Her office says the 71-year-old first lady will rejoin the president at their Delaware beach home later Sunday. Like her husband, Jill Biden has been twice-vaccinated and twice-boosted with the Pfizer COVID-19 vaccine. The White House announced on Tuesday that she had tested positive for the coronavirus. The president himself recovered from a rebound case of the virus on Aug. 7. The first lady's office says Jill Biden was prescribed the antiviral drug Paxlovid and isolated at the Kiawah Island vacation home for five days before receiving negative results from two consecutive COVID-19 tests.
Read more »
Biden, Democrats Benefiting With Bros and Dudes From Roe Backlash and Falling Price of Buffalo WingsThere are reasons why dads might be particularly upset about the fall of Roe!
Read more »