President Joe Biden teased new actions to tackle rising gas prices, which drivers across the country have been facing in recent weeks after enjoying a considerable decline in prices through the end of summer.
Something could come next week, Biden said Thursday in Los Angeles, where gas prices are among the highest in the nation.
“The price of gas is still too high, and we need to keep working to bring it down,” Biden said. “I’ll have more to say about that next week.”
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Administration officials have said they are considering additional sales from emergency crude oil reserves now that prices are rising again thanks to factors such as refining constraints and volatility tied to OPEC+‘s recent production cut announcement. The administration is also reportedly exploring the possibility of limiting exports of petroleum products in a bid to reduce prices, but no announcements have been made.
Biden has been plagued by volatile fuel prices for much of his tenure. Retail gasoline marked a new nominal record high on June 14, and diesel fuel hit a new record high over the summer, too.
The administration has authorized the sale or exchange of more than 200 barrels of crude oil from the nation’s Strategic Petroleum Reserve since November 2021, and a Treasury Department analysis concluded that has helped to reduce prices.
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Following their summer highs, retail gasoline prices fell for 14 straight weeks beginning in June, but that trend reversed in late September.
Falling prices in California made the West Coast the only region to see fuel prices drop on average in the week ending Oct. 10, according to the Energy Information Administration.
