The White House is intensifying a pressure campaign against the oil industry over rebounding gas prices as it tries to contain the political fallout of rising fuel costs just ahead of the midterms.
Top Biden administration officials in recent weeks have publicly warned companies against inflating prices. In private, their message has been even more direct. They’ve aired complaints to executives over their ballooning profits and threatened drastic new restrictions — such as limits on companies’ fuel exports — if the industry refuses to help ease the price at the pump, according to people familiar with those discussions.
The offensive comes as the cost of gas trended up again nationwide, erasing weeks of declines that President Joe Biden had championed as evidence his economic policies were working. Though that trend abated over the past few days, the longer-term picture looks bleak, alarming officials who worry that fluctuating prices could cause eleventh-hour damage to Democrats’ midterm chances.
Biden in late September directly urged oil and gas companies to slash prices, accusing them of profiting excessively off higher fuel costs, even as the global price of oil declined. In a statement, White House spokesperson Abdullah Hasan characterized the administration’s aggressiveness toward the industry as aimed at “advancing the interests of the American people — whether that meant asking the industry for their ideas to increase oil and gas production, or calling them out for setting record profit margins at a time of war.”
“You can yell at them all you want,” said Ryan Kellogg, an economist and professor at the University of Chicago Harris School of Public Policy. “There’s no switch you can turn that’s immediately going to cause a bunch more oil to come out of the ground.” Another industry official said that despite months of discussions, Biden and the industry share virtually no common ground on policies they believe could ease fuel costs.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Biden administration plans to announce additional oil reserve sales in wake of OPEC+ cutThe Biden administration is expected to sell 14 millions barrels of oil from the U.S. Strategic Petroleum Reserve in a bid to lower gas prices.
Consulte Mais informação »
Biden administration to release millions of more barrels from oil reserve: reportThe Biden administration is expected to release at least 10 million barrels of oil from the Strategic Petroleum Reserve to stop gas prices from increasing further.
Consulte Mais informação »
'Undisciplined' Biden shut down US economy by 'declaring war on American energy': Sen. Roger MarshallSen. Roger Marshall called out Biden for planning to release millions of barrels of oil from the nation's emergency stockpile in an effort to fight rising gas prices
Consulte Mais informação »
Watch China this week for clues of oil markets' directionRecession fears have kept the lid of oil prices since OPEC’s big production cut earlier this month, turning the market’s attention toward China to seek clues about the trajectory to the world’s section biggest economy.
Consulte Mais informação »
Biden admin keeps delaying oil and gas permitting due to math errorThe Biden administration has yet to fix a math error it identified in the spring which is causing permitting for oil and gas drilling projects to be delayed.
Consulte Mais informação »
Biden adding to his list of others to blame for soaring gas pricesPresident Biden and Democrats are blaming rising gas prices on Middle Eastern countries as part of the latest effort to deflect responsibility for pain at the pump.
Consulte Mais informação »