WASHINGTON — Millions of Americans will be paying more for gasoline as they travel for the holidays this year.
The national average for regular unleaded gasoline is currently at $3.41 per gallon. It was close to $2.12 in the previous year.
Taisha, a Baltimore Doordash driver, said, “It’s just horrible, prices keep going up.”
Is President Biden able to do anything about high gasoline prices? In short, yes. He has some options.
However, it’s unclear what the impact of those options would be.
Option 1: Place an order for an investigation
President Biden asked the Federal Trade Commission last week to investigate whether energy companies had been manipulating the price.
That however isn’t guaranteed to deliver any real results at the pump, and investigations take time.
Option 2: Press other countries to produce more oil
The White House has done that too but so far many countries rich in oil in the Middle East haven’t listened. The United Arab Emirates’ energy minister has called on Americans to remain “calm.”
Option #3: Tap into the U.S. petroleum reserves, which are available in an emergency
Despite numerous requests, President Biden still hasn’t done it yet.
Currently, the U.S. holds more than 600,000,000 barrels in secret storage along the coasts of Texas and Louisiana.
Analysts claim that the barrels might only make a small difference for a limited time.
The President of the United States does not currently have the authority to make American energy companies produce more, and little evidence suggests that he would.
This administration has repeatedly urged that less fossil fuels be used to save the climate.
However, he can continue to press other countries to take action.
According to The South China Morning Post, President Biden requested that the Chinese leaders release some of their crude oil resources last week.