Gasoline prices are surging. Can Biden actually do something about it?
3 years, 4 months ago

Gasoline prices are surging. Can Biden actually do something about it?

NPR  

Gasoline prices are surging. Enlarge this image toggle caption Drew Angerer/Getty Images Drew Angerer/Getty Images Another option is to release oil from the Strategic Petroleum Reserve — the stockpile of crude that the U.S. government stores underground, so the country can cope with any unexpected disruption in crude supply. And because the SPR stores crude oil, not gasoline, it wouldn't immediately push down prices at the pump. It would push U.S. oil prices lower, but that would encourage domestic oil production to go down — which in turn would reduce the global supply of crude and push prices overall even higher. Enlarge this image toggle caption Drew Angerer/Getty Images Drew Angerer/Getty Images Going after OPEC could push prices down, but it could also make prices much more volatile, as well as open up a diplomatic can of worms, with the risk of countries retaliating.

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History of this topic

How Trump set the Biden administration up for an economic disaster with a 2020 bargain
6 months, 3 weeks ago

How Trump set the Biden administration up for an economic disaster with a 2020 bargain

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Plunging oil prices were on track to devastate the energy economy of Texas — …

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
10 months, 1 week ago

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

Associated Press  

WASHINGTON — The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the …

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year
1 year ago

Surprise rise in inflation to 3.2% driven by soaring gas prices - with fears cost to fill up a car will keep rising and hamper Biden's plan to cut inflation in election year

Daily Mail  

President Biden today welcomed new inflation data despite it showing costs have risen 3.2 percent in the last year. Pictured: during a speech at a YMCA March 11, 2024 Inflation rose slightly to 3.2 percent in February as prices were pushed up by housing costs and gas The inflation figure plays a big part in the whether the Federal Reserve …

Biden is gaslighting us about natural gas exports
1 year, 4 months ago

Biden is gaslighting us about natural gas exports

Salon  

Imagine you woke up one morning to find out that the government approved the construction of a giant “natural” gas processing facility in your backyard. That kind of gaslighting is the current reality for communities in Southern Louisiana, as President Biden’s Department of Energy considers granting a license to build a new “liquified natural gas” export terminal called Calcasieu Pass …

Surging oil price fuels fresh inflation fears as petrol stays above $2 per litre
1 year, 6 months ago

Surging oil price fuels fresh inflation fears as petrol stays above $2 per litre

ABC  

Surging fuel prices are igniting fresh inflation fears, as production cuts by the global oil cartel heap yet more pain on consumers. Key points: Fuel prices across Australia have averaged more than $2 a litre for about a month Analysts say production cuts by the global oil cartel and a weak Aussie dollar are to blame The resurgent price has …

With oil prices slumping, OPEC+ producers weigh more production cuts
1 year, 9 months ago

With oil prices slumping, OPEC+ producers weigh more production cuts

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The major oil-producing countries led …

Biden issues a warning as he accuses oil and gas companies of ‘war profiteering’ off Russia’s invasion of Ukraine
2 years, 5 months ago

Biden issues a warning as he accuses oil and gas companies of ‘war profiteering’ off Russia’s invasion of Ukraine

CNN  

CNN — President Joe Biden escalated weeks of sharp warnings to energy producers on Monday by floating a so-called “windfall” tax on their corporate profits, calling out major gas companies for racking up gains from a spike in prices he attributes to Russia’s war in Ukraine. The president called on oil companies to “act beyond their narrow self-interest,” arguing they …

Ahead of elections, Biden announces steps to reduce gas prices in U.S.
2 years, 5 months ago

Ahead of elections, Biden announces steps to reduce gas prices in U.S.

The Hindu  

Ahead of the crucial mid-term polls, U.S. President Joe Biden has announced a slew of measures to lower gas prices, which have been hurting the middle class. Mr. Biden, in a major policy speech, reiterated that Russian President Vladimir Putin was responsible for the hike in energy prices in the U.S. “When the price of gas goes up, other expenses …

Biden warns oil and gas industry against using Hurricane Ian to raise prices: ‘There is no excuse’
2 years, 6 months ago

Biden warns oil and gas industry against using Hurricane Ian to raise prices: ‘There is no excuse’

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy President Joe Biden on Wednesday issued a stern warning to …

Biden says Hurricane Ian shouldn't be used an 'excuse' to increases gas prices
2 years, 6 months ago

Biden says Hurricane Ian shouldn't be used an 'excuse' to increases gas prices

Daily Mail  

President Joe Biden on Wednesday warned oil and gas companies not to use Hurricane Ian as an 'excuse' to raise prices at the pump. 'That's a warning to the oil and gas industry executives: Do no, let me repeat, do not, do not use this as an excuse to raise gasoline prices or gouge the American people.' President Joe Biden …

Biden to oil companies: Don’t hike prices as Hurricane Ian nears
2 years, 6 months ago

Biden to oil companies: Don’t hike prices as Hurricane Ian nears

Al Jazeera  

There are few signs that average gas prices have jumped significantly in Florida as the hurricane began to approach. President Joe Biden has warned oil and gas companies against increasing prices for consumers as Hurricane Ian neared landfall along Florida’s southwest coast. The nationwide average price had risen past $5 a gallon — and $6 in California — in June …

Inflation falls to 8.3% - the second drop in a row - but still sits near 40-year high
2 years, 6 months ago

Inflation falls to 8.3% - the second drop in a row - but still sits near 40-year high

Daily Mail  

Inflation in the US dipped again in August to an 8.3 percent annual rate, thanks largely to falling gas prices, but remained near a four-decade high even as President Joe Biden says he is making progress on the issue. Falling gas prices led the retreat in August's inflation figures, with gasoline dropping 10.6 percent on the month, though pump prices …

Biden’s midterm self-edit: Less talk about inflation woes
2 years, 6 months ago

Biden’s midterm self-edit: Less talk about inflation woes

Associated Press  

WASHINGTON — President Joe Biden has stopped talking so much about inflation worries. Biden has largely put the blame for inflation on global forces such as Russian President Vladimir Putin’s February invasion of Ukraine, even as he says his own policies are reducing the burdens of higher prices. “Since President Biden took office, prices in have spiked by 13%.” That …

OPEC+ makes small trim to world oil supplies as prices fall
2 years, 6 months ago

OPEC+ makes small trim to world oil supplies as prices fall

Associated Press  

FRANKFURT, Germany — OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices — along with the cost of gasoline, to drivers’ delight. Since then, growing worries about slumping future demand have helped send oil prices down from June peaks …

Gasoline Prices Fall Below $4 a Gallon but Many Americans Still Fear a Possible Recession
2 years, 7 months ago

Gasoline Prices Fall Below $4 a Gallon but Many Americans Still Fear a Possible Recession

News 18  

Gas prices in the United States fell below $4 a gallon Thursday, retreating to their lowest level since March, a sign of relief for Americans struggling with historically high inflation and a political boost for President Joe Biden, who has been under pressure to do more to bring down prices. The decline below $4 per gallon “is providing much needed …

US inflation surges again in June, raising risks for economy
2 years, 8 months ago

US inflation surges again in June, raising risks for economy

Associated Press  

WASHINGTON — U.S. inflation surged to a new four-decade high in June because of rising prices for gas, food and rent, squeezing household budgets and pressuring the Federal Reserve to raise interest rates aggressively -- trends that raise the risk of a recession. The government’s consumer price index soared 9.1% over the past year, the biggest yearly increase since 1981, …

Higher gas prices hurt pockets, make small dent in emissions
2 years, 8 months ago

Higher gas prices hurt pockets, make small dent in emissions

Associated Press  

As Congress and now the Supreme Court stymie the Biden administration’s efforts to curb climate change, one thing the president doesn’t want - sky high gas prices - actually is nibbling away at emissions of heat-trapping gas. “High fuel prices are a really difficult thing because they’re a double-edged sword,” said Samantha Gross, director of the energy security and climate …

Gas prices 'double-edged sword' hurts drivers, helps climate
2 years, 8 months ago

Gas prices 'double-edged sword' hurts drivers, helps climate

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. “High fuel prices are a really difficult thing …

Biden To Urge US Congress For 3-Month Suspension Of Federal Gas Tax As Prices Skyrocket
2 years, 9 months ago

Biden To Urge US Congress For 3-Month Suspension Of Federal Gas Tax As Prices Skyrocket

News 18  

US President Joe Biden will ask Congress Wednesday to suspend the federal gas tax for three months as skyrocketing prices cause widespread anger among Americans just months before crucial mid-term elections. “With our deficit already down by a historic $1.6 trillion this year, the president believes that we can afford to suspend the gas tax to help consumers while using …

Biden says decision on gas tax holiday may come this week
2 years, 9 months ago

Biden says decision on gas tax holiday may come this week

LA Times  

High gas prices on display at a 76 station off Los Feliz Boulevard on May 31. President Biden said Monday that he will decide by the end of the week whether to order a holiday on the federal gasoline tax, possibly saving U.S. consumers as much as 18.4 cents a gallon. In an interview Sunday on ABC’s “This Week,” Treasury …

Biden tells oil refiners: Produce more gas, fewer profits
2 years, 9 months ago

Biden tells oil refiners: Produce more gas, fewer profits

Associated Press  

President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump. “While we appreciate the opportunity to open increased dialogue with the White House, the administration’s misguided policy agenda shifting away …

Biden is under pressure on gas prices. So he's putting pressure on oil companies
2 years, 9 months ago

Biden is under pressure on gas prices. So he's putting pressure on oil companies

NPR  

Biden is under pressure on gas prices. So he's putting pressure on oil companies Enlarge this image toggle caption Mario Tama/Getty Images Mario Tama/Getty Images Under intense political pressure to address soaring gasoline prices, President Biden is trying to push the nation's largest refiners to do more to boost supplies and lower prices. "My administration is prepared to use all …

Biden calls on oil refiners to produce more, cut profit margins
2 years, 9 months ago

Biden calls on oil refiners to produce more, cut profit margins

Al Jazeera  

United States President Joe Biden has called on oil refiners to produce more petrol and diesel, saying their high profit margins are hurting consumers. While he said the Russian invasion of Ukraine is “principally responsible” for the financial burden US residents are facing, “historically high refinery profit margins are worsening that pain”. “Your companies need to work with my Administration …

Crippling cost of living continues: Gas price rockets to $5.014 a gallon, food prices hike 12%
2 years, 9 months ago

Crippling cost of living continues: Gas price rockets to $5.014 a gallon, food prices hike 12%

Daily Mail  

The average cost of a gallon of gasoline in the US has risen to $5.014 as grocery costs saw the highest surge in a year since 1979. Surveys show that Americans see high inflation as the nation's top problem, and most disapprove of Biden's handling of the economy After the release of the Labor Department's May numbers, President Biden finally …

Several factors are converging to push gas prices higher
2 years, 9 months ago

Several factors are converging to push gas prices higher

The Independent  

The latest headlines from our reporters across the US sent straight to your inbox each weekday Your briefing on the latest headlines from across the US Your briefing on the latest headlines from across the US SIGN UP I would like to be emailed about offers, events and updates from The Independent. The United States is the world's largest oil …

Biden vows to battle inflation as prices keep climbing
2 years, 9 months ago

Biden vows to battle inflation as prices keep climbing

Associated Press  

LOS ANGELES — In President Joe Biden’s estimation, the U.S. is in a strong position to overcome the worst inflation in more than 40 years. Biden on Friday pledged to keep fighting against inflation while touring the Port of Los Angeles, America’s busiest port and a place that the White House said last October would be key for reducing price …

US inflation hit a new 40-year high in May of 8.6 percent
2 years, 9 months ago

US inflation hit a new 40-year high in May of 8.6 percent

Al Jazeera  

President Joe Biden will talk about inflation and his administration’s efforts to lower prices on Friday in Los Angeles. The costs of petrol, food and other necessities jumped in May, raising inflation in the United States to a new four-decade high and giving American households no respite from rising costs. Consumer prices surged 8.6 percent last month from 12 months …

News Analysis: Biden, who ran on competency and experience, is struggling to manage multiple crises
2 years, 9 months ago

News Analysis: Biden, who ran on competency and experience, is struggling to manage multiple crises

LA Times  

President Biden campaigned on a pledge to restore competency and stability to government. “You can’t control the hand you’re dealt, and this is one of the worst hands any president has ever been dealt,” said Chris Whipple, the author of a book on White House chiefs of staff and another on the Biden administration to be published later this year. …

OPEC+ alliance boosts oil production as energy prices soar
2 years, 9 months ago

OPEC+ alliance boosts oil production as energy prices soar

Associated Press  

LONDON — The OPEC oil cartel and allied producing countries including Russia will raise production by 648,000 barrels per day in July and August, offering modest relief for a global economy suffering from soaring energy prices. “The United States will continue to use all tools at our disposal to address energy prices pressures.” Biden administration officials have recently visited Saudi …

White House says US prepared to handle economic storms as JPMorgan boss predicts ‘hurricane’ ahead
2 years, 9 months ago

White House says US prepared to handle economic storms as JPMorgan boss predicts ‘hurricane’ ahead

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The White House is pushing back on predictions of economic …

Despite pain at the pump, Americans are hitting the road
2 years, 10 months ago

Despite pain at the pump, Americans are hitting the road

Al Jazeera  

Heading into the US summer driving season, Americans are fueling up but how long before they have to hit the brakes? As petrol prices continue to break records in the United States, putting a significant strain on Americans’ wallets and threatening economic growth, analysts predict that pain at the pump will cause some demand destruction in the coming months of …

Biden’s gas gaffe proves he’s out of touch with everyday Americans
2 years, 10 months ago

Biden’s gas gaffe proves he’s out of touch with everyday Americans

The Independent  

The best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Here in the city, where I’m …

Biden is ‘obsessed’ with lowering ‘outrageous’ gas prices, but presidents don’t control prices, says Energy Secretary
2 years, 10 months ago

Biden is ‘obsessed’ with lowering ‘outrageous’ gas prices, but presidents don’t control prices, says Energy Secretary

CNN  

New York CNN Business — Energy Secretary Jennifer Granholm said President Joe Biden is laser-focused on knocking down sky-high gasoline prices, though she concedes that even the most powerful person on the planet has limited influence to do that. “He’s obsessed with the fact that gas prices are so high and people are hurting,” Granholm told CNN on Tuesday following …

Biden boosts ethanol to lower US fuel prices amid war in Ukraine
2 years, 11 months ago

Biden boosts ethanol to lower US fuel prices amid war in Ukraine

Al Jazeera  

With gas prices surging amid Russia’s invasion and inflation rising, US president unveils new plan for corn-based fuel. “Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world,” Biden told workers at POET Bioprocessing, the largest biofuels producer in the country. “The Environmental Protection Agency is planning to issue an emergency waiver allowing E15 …

Why Biden’s release of US oil reserves won’t end pain at the pump
2 years, 11 months ago

Why Biden’s release of US oil reserves won’t end pain at the pump

Al Jazeera  

Gas prices will keep rising amid Russian war in Ukraine as sanctions tighten and demand outstrips supply, experts say. Washington, DC – When Joe Biden announced that the United States would release more than 180 million barrels of oil from its strategic petroleum reserve over the next six months, the US president hailed it as an historic move that would …

Biden oil move aims to cut gas prices ‘fairly significantly’
3 years ago

Biden oil move aims to cut gas prices ‘fairly significantly’

Associated Press  

WASHINGTON — President Joe Biden on Thursday ordered the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, a bid to control energy prices that have spiked after the United States and allies imposed steep sanctions on Russia over its invasion of Ukraine. Biden said Thursday he expects gasoline prices could …

Biden plans a major withdrawal from the country's oil reserves to control gas prices
3 years ago

Biden plans a major withdrawal from the country's oil reserves to control gas prices

NPR  

Biden plans a major withdrawal from the country's oil reserves to control gas prices Enlarge this image toggle caption Demetrius Freeman/The Washington Post via Getty Images Demetrius Freeman/The Washington Post via Getty Images President Biden announced a plan Thursday to draw 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve — …

Oil And Gas Executives Say It's Not Joe Biden Holding Back Domestic Production
3 years ago

Oil And Gas Executives Say It's Not Joe Biden Holding Back Domestic Production

Huff Post  

LOADING ERROR LOADING The top reason domestic energy production hasn’t ramped up isn’t Joe Biden’s green energy agenda, according to oil company executives. Republicans, including some of Congress’ largest recipients of oil and gas donations, have swarmed to defend the industry, falsely accusing Biden of “destroying” America’s energy industry and demanding the president “unleash” domestic oil and gas. But when …

Biden demands faster drop in gas prices as oil tumbles
3 years ago

Biden demands faster drop in gas prices as oil tumbles

CNN  

New York CNN Business — President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes. “What if I was the guy who just bought my tanker load yesterday and the next two days crude oil dropped?” …

AP FACT CHECK: Biden skirts blame on inflation; GOP gas hype
3 years ago

AP FACT CHECK: Biden skirts blame on inflation; GOP gas hype

Associated Press  

WASHINGTON — Facing political attacks over rising costs, President Joe Biden exaggerated his role in reducing the federal deficit and skirted responsibility by asserting that a flood of government spending into the economy has no impact at all on higher prices. Biden last year signed a $1.9 trillion coronavirus relief package known as the American Rescue Plan — and many …

Why blaming Joe Biden for high gas prices is completely and utterly absurd.
3 years ago

Why blaming Joe Biden for high gas prices is completely and utterly absurd.

Slate  

As gas prices have surged over the past several months—and shot up even further following Russia’s incursion into Ukraine—Republicans have predictably tried to pin blame on the White House. “Joe Biden caused this and doesn’t seem to care,” the Republican National Committee’s deputy communications director tweeted last week, echoing the stickers that Trump-voting motorists have been slapping onto gas pumps …

Psaki defends Biden saying he 'can't do much' about skyrocketing gas prices
3 years ago

Psaki defends Biden saying he 'can't do much' about skyrocketing gas prices

Daily Mail  

White House press secretary Jen Psaki on Thursday doubled down on blaming Vladimir Putin for soaring U.S. inflation, after the consumer price index hit another 40-year high of 7.9 percent in February, which Biden called 'Putin's price hike.' 'A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin's aggressive actions,' …

Biden says he 'can't do much' about gas prices because 'Putin's responsible'
3 years ago

Biden says he 'can't do much' about gas prices because 'Putin's responsible'

Daily Mail  

President Joe Biden on Tuesday said he 'can't do much' about record high gas prices and continued the White House blame game of saying it was Vladimir Putin's fault. President Joe Biden announced the US would target 'the main artery of Russia's economy' with a full ban on energy imports from Russia on Tuesday 'I welcome a Russian energy ban, …

Record gas costs pose fresh political challenge for Biden
3 years ago

Record gas costs pose fresh political challenge for Biden

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Republican Rep. August Pfluger, who represents a portion of West Texas’ oil patch, called …

Q&A: Forecasters say gasoline prices likely to remain high
3 years ago

Q&A: Forecasters say gasoline prices likely to remain high

Associated Press  

DALLAS — Gasoline prices have smashed a 2008 record and are likely to head even higher, further fueling inflation and hitting consumers and businesses that are still coming to grips with the pandemic. After averaging $2.69 a gallon in 2019, U.S. gasoline prices collapsed as COVID-19 forced offices and businesses to close in early 2020. “Oil companies don’t set the …

Q&A: Forecasters say gasoline prices likely to remain high
3 years ago

Q&A: Forecasters say gasoline prices likely to remain high

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Gasoline prices have smashed a …

US gasoline prices rise again on talk of banning Russian oil
3 years ago

US gasoline prices rise again on talk of banning Russian oil

Associated Press  

Gasoline prices are pushing even farther above $4 a gallon, the highest price that American motorists have faced since July 2008, as calls grow to ban imports of Russian oil. “Forget the $4 per gallon mark, the nation will soon set new all-time record highs and we could push closer to a national average of $4.50,” said GasBuddy analyst Patrick …

Biden announces Russian oil import ban and warns gas prices could increase even more
3 years ago

Biden announces Russian oil import ban and warns gas prices could increase even more

NPR  

Biden announces Russian oil import ban and warns gas prices could increase even more Enlarge this image toggle caption Joseph Prezioso/AFP via Getty Images Joseph Prezioso/AFP via Getty Images President Biden on Tuesday announced a ban on U.S. imports of Russian oil and gas — the latest move to try to punish Moscow for invading Ukraine. "That means Russian oil …

Oil prices surge as fears about Russian crude supplies intensify
3 years, 1 month ago

Oil prices surge as fears about Russian crude supplies intensify

NPR  

Oil prices surge as fears about Russian crude supplies intensify Enlarge this image toggle caption Frederic J. Brown/AFP via Getty Images Frederic J. Brown/AFP via Getty Images Oil prices continue to surge on Wednesday, with markets bracing for serious disruptions to crude supplies from Russia as Moscow's invasion of Ukraine grinds on. Enlarge this image toggle caption Nikolay Doychinov/AFP via …

Biden vows to do ‘everything’ to ‘limit the pain’ on gas prices amid Russia’s Ukraine invasion
3 years, 1 month ago

Biden vows to do ‘everything’ to ‘limit the pain’ on gas prices amid Russia’s Ukraine invasion

The Independent  

Sign up for the daily Inside Washington email for exclusive US coverage and analysis sent to your inbox Get our free Inside Washington email Get our free Inside Washington email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy President Joe Biden acknowledged a wave of incoming turbulence for …

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