In a frantic effort to try to slow gas prices that have risen by a dollar per gallon in just the last three months, Biden aides have internally debated a host of ideas
Adding to the dilemma, the administration already turned to its biggest tool in March: A record-setting release of oil from the nation’s strategic reserve. Officials had hoped that the extra million barrels a day would ease supply strains created by Russia’s invasion of Ukraine and the subsequent sanctions imposed on the world’s third-largest producer. But the supply offered only temporary relief, with prices resuming their march upward within weeks.
Publicly, the White House has continued to blame Russia for the record gas prices, attempting for months to brand the increase as “Putin’s price hike” in hopes of convincing people the issue is largely out of Biden’s hands. The Environmental Protection Agency is allowing more ethanol into the fuel supply in a bid to ease the price crunch, and more recently officials began preparing for the possibility they’d need to tap emergency reserves to counter spiking prices for diesel in the Northeast.telling CNNSecretary of Energy Jennifer Granholm speaks to the media during Energy Day of an international climate summit on Nov. 3, 2021, in Glasgow, Scotland.
Biden allies inside and outside the administration have also grown increasingly frustrated with the oil industry, suggesting at times that the companies should bear more blame for their reluctance to drastically ramp up production. In private meetings with senior Energy Department officials to discuss ideas for boosting supply and lowering prices, some industry representatives have instead used the sessions to push for longer-term priorities like building pipelines and easing environmental restrictions.
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