![](\"http:\/\/www.petroleumworld.com\/images2021\/us_gas_prices_nov_2021-600.jpg\")
President Joe Biden is stepping in to cool overheated gas prices -Forbes<\/p>\n\n\n\n
Getty
President Joe Biden is stepping in to cool overheated gas prices -Forbes<\/p>\n\n\n\n
By AFP
WASHINGTON
Petroleumworld 11 24 2021<\/p>\n\n\n\n
Oil majors have raised gasoline prices for the sake of their own profits, US President Joe Biden said Tuesday as his administration looked for ways to lower prices at pumps nationwide at the beginning of the holiday travel season.<\/p>\n\n\n\n
The White House has upped the pressure on oil markets amid a spike in energy prices that has driven overall US inflation to record levels.<\/p>\n\n\n\n
Biden had earlier in the day announced the United States would release crude from its national stockpile along with China, India, Japan, Korea and Britain in a bid to drive global prices lower, while again taking aim at oil majors he accused of unfairly raising prices.<\/p>\n\n\n\n
\u00abThe price of gasoline in the wholesale market has fallen by about 10 percent in the last few years but the price at the pump hasn’t budged a penny,\u00bb Biden said at the White House.<\/p>\n\n\n\n
\u00abIn other words, gas supply companies are paying less and making a lot more,\u00bb he said, accusing companies of \u00abpocketing the difference\u00bb between wholesale and retail prices.<\/p>\n\n\n\n
Last week, he urged the Federal Trade Commission (FTC) to look into the causes of the nationwide spike in gasoline, saying oil companies have increased prices at the pump even as their expenses decline and profits soar.<\/p>\n\n\n\n
Analysts say the case for misconduct by oil firms is not clear cut. Energy is a global market and crude prices are rebounding from the depths of the pandemic downturn last year, when they briefly went negative.<\/p>\n\n\n\n
The United States is dealing with a record wave of inflation as it goes through its own stronger-than-expected economic rebirth, with consumer prices seeing their biggest annual jump in more than three decades last month.<\/p>\n\n\n\n
\u00abWe and this administration are leaving no stone unturned as we examine the market to figure what’s behind the high prices,\u00bb Energy Secretary Jennifer Granholm told reporters Tuesday.<\/p>\n\n\n\n
\u00abIf historical averages were true today, people would be paying about 30 cents less per-gallon at the pump based upon the differential between unfinished gas and gasoline at the pump. So he’s asked for the FTC to take a look at this.\u00bb<\/p>\n\n\n\n
______________________________________<\/p>\n\n\n\n
By Agence France-Presse. <\/strong><\/a><\/em><\/strong><\/a><\/em><\/p>\n\n\n\n Copyright \u00a91999-2021 Petroleumworld or respective author or news agency. All rights reserved.<\/p>\n\n\n\n Petroleumworld.com Copyright \u00a92021 Petroleumworld.<\/p>\n","protected":false},"excerpt":{"rendered":" GettyPresident Joe Biden is stepping in to cool overheated gas prices -Forbes By AFP WASHINGTONPetroleumworld 11 24 2021 Oil majors have raised gasoline prices for the sake of their own profits, US President Joe Biden said Tuesday as his administration looked for ways to lower prices at pumps nationwide at the beginning of the holiday …<\/p>\n
<\/a>afp.com 11 23 2021<\/a><\/p>\n\n\n\n