The Biden administration is moving to address concerns about rising energy costs, including the price of gasoline at the pump. Higher prices could slow the nation’s recovery from the pandemic-induced recession.
Prices for the three grades of gasoline available are posted outside a Diamond Shamrock station Thursday, July 22, 2021, in Denver. Colorado motorists are dealing with some of the highest prices at the pump in more than decade.
National security adviser Jake Sullivan on Wednesday called on the Organization of the Petroleum Exporting Countries to move faster to restore global supply of petroleum to pre-pandemic levels, and the White House asked the Federal Trade Commission to investigate the domestic gasoline market for any anti-competitive behavior that could be increasing prices.
“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” Sullivan said in a statement. He said the administration was pressuring OPEC and producers allied with the cartel to more quickly undo the production cuts put in place at the start of the pandemic.“The production cuts made during the pandemic should be reversed as the global economy recovers in order to lower prices for consumers,” Biden said Wednesday.
Gas prices are up about a $1 from than a year ago as Americans hit peak summer driving season and return to roads after pandemic shut-ins. The White House says it’s no cause for alarm, saying the country is “not at an historically high gas price moment” and that prices are roughly where they were in 2018, still Biden acknowledged they’re high enough to “pinch” working families.
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