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White House Calls on OPEC, Regulators to Stabilize Gas Prices, Biden Says
Posted
August 11, 2021
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1:06
2:05Now PlayingThe Biden administration called on OPEC countries and U.S. regulators to do more to ensure a stable energy supply, with a specific focus on retail gasoline prices that President Joe Biden pledged to keep affordable.
“While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022,” National Security Advisor Jake Sullivan said in a statement Wednesday. “At a critical moment in the global recovery, this is simply not enough.”
National Economic Council Director Brian Deese also asked Federal Trade Commission Chair Lina Khan to use all available tools -- including monitoring prices, reviewing merger-and-acquisition activity and investigating market manipulation -- to stem price fluctuations.
“During this summer driving season, there have been divergences between oil prices and the cost of gasoline at the pump. While many factors can affect gas prices, the President wants to ensure that consumers are not paying more for gas because of anti-competitive or other illegal practices,” Deese wrote.
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