Biden team debates whether to act fast on oil prices or wait
BNN Bloomberg
The White House is debating whether to act immediately to try to lower U.S. energy prices or hold off on dramatic measures in the hope markets settle, as President Joe Biden’s concern about inflation runs up against climate, trade and foreign policy considerations.
The White House is debating whether to act immediately to try to lower U.S. energy prices or hold off on dramatic measures in the hope markets settle, as President Joe Biden’s concern about inflation runs up against climate, trade and foreign policy considerations.
For several weeks, a small group of top Biden aides has discussed measures to bring down the cost of gasoline, according to people familiar with the matter. Consensus has so far been elusive, with some Energy Department officials pushing back against tapping the Strategic Petroleum Reserve while White House aides lobby for a release, or the even more radical step of halting oil exports, the people said.
They asked not to be identified because the talks are private.
The recent spike in U.S. gasoline prices to a seven-year high has put Biden in a quandary: He’s trying to boost fuel production and bring down costs while remaining credible on environmental issues as the United Nations climate conference in Glasgow enters its final, crucial stage. Energy price inflation took on fresh urgency Wednesday after government data showed the sector helping to drive the U.S. consumer price index to a 31-year high.
“It’s decision time for the Biden administration,” said Bob McNally president of consultant Rapidan Energy Group and a former White House official under President George W. Bush.
