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Biden team is seeking ways to address rising energy prices

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Posted at 4:36 PM, Aug 11, 2021
and last updated 2021-08-11 19:36:43-04

WASHINGTON — President Joe Biden’s administration is moving at home and abroad to try to address concerns about rising energy prices slowing the nation’s recovery from the pandemic-induced recession.

"We also made clear to OPEC — the major oil-exporting nations of the world — that the production cuts made during the pandemic should be reversed as the global economic — there as the global economy recovers, in order to lower the prices for consumers," the president said Wednesday.

The White House has asked the Federal Trade Commission to investigate the domestic gasoline market for any anti-competitive behavior that could be increasing prices.

"I want to make sure that nothing stands in the way of oil price declines, leading to lower prices for consumers," Biden said.

The joint actions come as the Biden administration is increasingly sensitive to rising prices across the economy as it faces both political and policy pressure from inflation.

AAA reports that the national average for a gallon of regular unleaded is $3.18. It was $2.17 at the same time in 2020, according to AAA.

President Biden made his comments about his administration's plan to address rising gas prices after the Senate voted to pass his infrastructure bill and open debate on his $3.5 trillion spending plan.