White House to Control Gas Prices ahead of the Peak Travel Season

It’s a busy time of year for Christmas travel, and the White House is making every effort to keep gas costs in check.

For the first time in history, President Biden has called on the Federal Trade Commission to examine whether oil firms are responsible for soaring prices.

Focus on rising gas costs has fueled Republican criticisms on Vice President Obama for the White House’s $2 trillion spending plan’s lofty climate targets, which are being pushed as part of the White House’s aim for a more environmentally friendly economy.

At the beginning of what is likely to be a busy Christmas travel season, the White House is stepping up its efforts to regulate gas prices.

At the beginning of what is likely to be a busy Christmas travel season, the White House is stepping up its efforts to regulate gas prices.

For the first time in history, President Biden has called on the Federal Trade Commission to examine whether oil firms are responsible for soaring prices.

Biden’s management of the economy and his energy policies, in particular, has been used as a political weapon by Republicans to criticize the White House’s nearly $2 trillion spending plan, which includes aggressive climate targets.

The number of individuals traveling for the Thanksgiving holiday has increased by 13 percent from 2020 when many Americans chose not to go due to the rising number of coronavirus illnesses and fatalities.

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The upcoming travel season has placed a focus on petrol costs in particular, which the White House has pushed to prove it has under control in light of larger worries about inflation.

Granholm said on Tuesday that “obviously the president does not control the price of fuel; no president does.” “However, we’re witnessing a worldwide mismatch in supply and demand right now.” In contrast to the rest of the economy, oil output has been sluggish since the shutdown.

The government is “leaving no stone unturned” as it investigates to find out what’s behind the high rates, she added.

Even before the Labor Department released its latest inflation figures, the White House has shown more urgency in publicizing how it is working to alleviate the burden of rising prices on American families, particularly after consumer prices grew far faster than expected in October and annual inflation hit a 30-year high. Energy costs have risen, and gas prices have risen, as a consequence.

After writing to the FTC last week, Vice President Biden requested that the agency investigate whether oil firms were unjustly raising prices at the pumps.

On Tuesday, the government stated that it will release 50 million barrels of oil from the Strategic Petroleum Reserve in collaboration with several other nations in an attempt to balance supply and demand.

However, analysts have expressed doubt that either measure would have much of an immediate impact on pricing, warning that other variables such as the spread of the pandemic may have a greater impact on future trends.

In light of declining support for Vice President Biden, especially in light of his management of the economy, some conservatives have begun to wonder whether the White House’s moves on gas prices were just a political ploy.

When questioned whether tapping into the strategic reserve was being done for political reasons, White House press secretary Jen Psaki replied, “This is being done to utilize every tool at the president’s disposal to decrease the price of petrol.”

The Biden administration’s decision to release oil from the strategic reserve has added fuel to the fire for Republicans’ assaults on the administration’s energy policy.

Trump and Republican legislators claimed that the Biden administration’s intention to transition away from fossil fuels and toward renewable energy businesses had resulted in gas prices rising.

Nothing more than a gesture has been made today,” he said. 

To have a long-term impact, the president and his administration should focus on increasing domestic production while also speeding up the construction of energy infrastructure, such as pipelines, said Sen. Shelley Moore Capito (R-W.Va.), ranking member of the Senate Environment and Public Works Committee.

Senate Energy and Natural Resources Committee Republican Sen. John Barrasso (R-Wyo.) accused Democrats of “waging a war on American energy” in a statement.

Biden’s Build Back Better program includes certain climate efforts that have been rejected by Sen. Joe Manchin (D-W.Va.), who has dubbed the release of oil from the reserves an “essential policy Band-Aid for increasing gas costs.”

On Tuesday, Vice President Biden attempted to convince the public that the US economy was gaining momentum and that rising prices would not be a long-term problem.

“I also want to briefly address one myth about inflated gas prices: They are not due to environmental measures. My effort to combat climate change is not raising the price of gas or increasing its availability,” 

Biden said in prepared remarks, arguing investments in electric vehicles, solar panels and other sectors would spur job creation and innovation.

“Let’s beat climate change with more extensive innovation and opportunities,” he added. “We can make our economy and consumers less vulnerable to these sorts of price spikes when we do that.”

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