Biden Threatens To Investigate Oil Companies If They Raise Gas Prices During Hurricane Ian

Biden Threatens To Look at Oil Corporations If They Elevate Gasoline Prices All through Hurricane Ian

Jack McEvoy on September 28, 2022

President Joe Biden said all through a speech on Wednesday that he would title on federal officers to analysis oil and gasoline companies for value gouging within the occasion that they raised gasoline prices attributable to Hurricane Ian.

Biden said that the hurricane provides no excuse to for companies to raise gasoline prices and that he’ll order the federal authorities to search out out “whether or not or not value gouging is occurring” all through remarks he gave on the White House Conference on Hunger, Vitamin, and Properly being. Biden claimed that the manufacturing of solely 190,000 barrels of oil a day had been impacted by the storm to this point which was not enough to warrant elevating the prices on the pump.

“This small, momentary storm impression on oil manufacturing provides no excuse — no excuse — for value will enhance on the pump,” Biden said. “None. If companies try to make use of this storm to raise prices on the pump, I’ll ask officers to look into whether or not or not value gouging is occurring.”

Crude oil value rose on Wednesday for the second day in a row and will presumably be on the rise, in accordance with Reuters. Within the meantime, U.S. crude shares fell by 200,000 barrels for the week ending on Sept. 23 whereas gasoline inventories declined by 2.4 million barrels and distillate inventories by 2.9 million barrels, in accordance with Vitality Information Administration data launched on Wednesday.

“Gasoline prices are determined by market forces – not specific particular person companies – and claims that the worth on the pump is one thing nevertheless a function of present and demand are false,” an American Petroleum Institute (API) spokesperson knowledgeable the Day-to-day Caller Data Foundation.

Biden’s Vitality Secretary Jennifer Granholm in late August threatened to utilize “emergency measures” to compel oil companies to stockpile petroleum merchandise to cope with the nation’s low gasoline reserves.

Whatever the nation’s low stockpiles, the Biden administration has been praising its efforts to the widespread nationwide value of gasoline that peaked at over $5 in June, gasoline prices began rising as soon as extra on Sept. 21 after falling for virtually 100 days straight. The administration has been shortly selling oil from the emergency stockpile to drive down the worth of gasoline ahead of the midterm elections.

Gasoline prices all through the nation are roughly $0.59 elevated than they’d been in September 2021, in accordance to AAA data.

“In an unfolding local weather event, our enterprise is targeting conserving the facility market well-supplied and delivering fuels the place they’re wished most whereas guaranteeing the safety of our workforce, the API  spokesperson said.

The White House didn’t immediately reply to the Day-to-day Caller Data Foundation’s request for comment.

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