The White House said Thursday that the Biden administration is not taking action at this time in response to gasoline prices hitting seven-year highs and elevated crude oil and natural gas prices, adopting a wait-and-see approach while insisting "All tools in the toolbox" remain at the ready.
White House Deputy Press Secretary Karine Jean-Pierre made the remarks at an Oct. 7 briefing in response to a question about what steps the administration was taking to keep rising gasoline, natural gas, and oil prices in check.
"We're going to monitor the market and the means considering all tools in the toolbox to protect the American people. But as we said, there is no plan to take action at this time," Jean-Pierre added, with her statement echoing remarks made earlier in the week by Energy Secretary Jennifer Granholm, who said the Biden administration was considering tapping the nation's emergency oil reserves to tame soaring gasoline prices.
The Biden administration's chief plan to ease surging high gasoline prices was to persuade OPEC+ to agree to boost production more sharply to reduce the supply crunch.
Another tool in the Biden administration's toolbox to tame gasoline prices is to ban oil exports, a move Granholm also suggested could be deployed.
While gas prices in Europe and Asia have more than tripled this year, the United States has largely been shielded from the global crunch because of plentiful supplies.
Besides higher prices at the pump and costlier heating of homes over the winter, persistently elevated energy prices would add to inflationary pressures more broadly, affecting shipping and other costs.
Friday, October 8, 2021
White House Says ‘No Action' at This Time to Tame Surging Gas Prices but ‘All Tools' on Table
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