President Biden on Wednesday warned oil companies not to hike gas prices in the aftermath of Hurricane Ian in Florida, saying his administration would not tolerate “gouging.”
After asking Florida residents to follow safety warnings, the president said: “I want to add one more caveat, a warning to oil and gas industry executives: DO NOT – let me repeat, NO – DO NOT use Do it as an excuse to raise petrol prices or to trick the American people.”
Biden said the powerful Category 4 hurricane was only set to disrupt domestic oil production “for a very short period of time”.
“This small temporary storm effect on oil production gives no excuse, no excuse, to raise prices at the pump. None,” the president went on. “If gas companies try to use this storm to raise prices at the pump If they do, I will ask the officials if prices are going up. Americans are watching and the industry must do the right thing.”
The president spoke at a nutrition-focused event in Washington as the storm moved south of Sarasota, near Florida’s west coast.
High gas prices are politically bad news for anyone in power in D.C. — and Biden said prices should indeed be lower.
“They should move more quickly now to lower the price at the pump,” he said. “Too late. The price of a barrel of gas… between the price of oil and petrol at the pump.”
As of Wednesday, the average cost of a gallon of regular gas in the US was $3.77, According to AAA data – Down from an all-time high of more than $5 in June, but still higher than a year ago’s average of $3.19.
A jump in gas prices earlier this year contributed to poor public mood and falling approval ratings for Biden ahead of November’s midterm elections.
Biden told Congress in June temporarily forgive Federal gas tax of 18.3 cents per gallon, but was rejected by members on both sides.
In an effort to increase oil supplies in March, Biden ordered Release of one million barrels per day from the Strategic Petroleum Reserve and allowed a high proportion of ethanol In the gas in the heat.
Biden has also blamed rising gas prices on Russia’s February 24 invasion of Ukraine and COVID-19 supply chain bottlenecks. Republican critics have said Biden’s own actions contributed to the crisis.
Biden last year attempt to stop on new oil drilling on public land and suspended drilling permit At Alaska’s Arctic National Wildlife Refuge. he also pointed Keystone XL Oil Pipeline From Canada to America.
As gas prices hit his popularity, Biden seeks to hit back at oil companies, slamming them for reckoning “above normal” the gain. Biden urges firms to drill more on existing leases and boost solvency while also individual gas stations To cut prices at the pump.