Biden administration sounds the alarm on rising energy prices
By ZEKE MILLER
WASHINGTON (AP) – President Joe Biden’s administration is sounding the alarm at home and abroad over rising energy prices slowing the country’s recovery from the pandemic-induced recession.
National Security Advisor Jake Sullivan on Wednesday called on the Organization of the Petroleum Exporting Countries to speed up restoring the world’s oil supply to pre-pandemic levels, as the White House asked the Federal Commission to trade to investigate the domestic gasoline market for any anti- competitive behavior that could drive up prices.
Wednesday’s joint actions come as the Biden administration becomes increasingly responsive to rising prices in the economy as it grapples with political and political pressure from inflation.
“Rising gasoline costs, if left unchecked, could harm the ongoing global recovery,” Sullivan said in a statement. He said the administration was pressuring OPEC and cartel-allied producers, both in public and in private, to cancel production more quickly. cuts put in place at the start of the pandemic.
Meanwhile, National Economic Council Director Brian Deese has called on FTC President Lina Khan to “monitor the US gasoline market and tackle any illegal behavior that may contribute to the increase. prices for consumers at the pump ”. The FTC is an independent agency and can receive advice, but not direction, from the White House.
Analysts expect the latest headline inflation in the United States, due Wednesday, to rise to an annualized rate of 5.3%. That’s slightly lower than June’s 5.4%, which was the highest in more than a decade.
Gasoline prices are up about $ 1.00 from a year ago, as Americans reach peak summer driving season and return to the roads after pandemic closures.
Rising prices, both at the pump and in other consumer goods, have become a powerful talking point among critics of Biden’s GOP. The White House has insisted inflation will subside as the economy recovers from the double shock of the pandemic and the country’s ongoing recovery from virus-induced lockdowns.