The Biden administration is worried about gasoline prices, and they don’t understand why they’re so high, or what to do about it. Perhaps setting the expectation that the administration would slowly be cracking down on all fossil fuels, thereby limiting investment in the fossil energy industry and future supply might have something to do with it. The Financial Times reports on Biden’s confusion, writing:
White House rankled by high gasoline prices
It could be a headline from practically any presidency in recent decades.
And the administration of Joe Biden — despite its green credentials — is no different. The president on Thursday made his latest intervention over elevated gasoline prices, which are at their highest level since October 2014.
“There’s lots of evidence that gas prices should be going down — but they haven’t,” he said. “We’re taking a close look at that.”
It’s not the first time the administration has weighed in. Last month Jake Sullivan, the president’s national security adviser, called on Opec to increase production in an effort to bring down fuel prices.
At a time of rampant inflation, high prices at the pump are among the most obvious examples to consumers of rising prices — prompting concern in the administration that it could spur a backlash among voters.
“They’re watching gas prices like hawks at the White House,” said Tom Kloza, global head of energy analysis at Opis, an oil price information service. “He’s making statements that are intended to let everyone know that he does not have a laissez-faire attitude on this.”
Read more here.