Biden Looks Into Why Gasoline Prices Are So High
(Bloomberg) -- In his latest attempt to counter inflationary pressure, U.S. President Joe Biden said his administration is looking into high gasoline prices.
“There’s lots of evidence that gas prices should be going down -- but they haven’t,” Biden said Thursday. “We’re taking a close look at that.”
Oil prices have risen 50% so far this year, with global demand for fuel roaring back after Covid-19 wiped out consumption last year. At the same time, global crude production is much lower than it was before the pandemic.
U.S. retail gasoline prices rose to $3.19 per gallon Wednesday, the highest since October 2014, according to data from auto club AAA.
“We’re also going after the bad actors and pandemic profiteers in our economy,” Biden said.
--With assistance from Javier Blas and Justin Sink.
© 2021 Bloomberg L.P.
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