Average U.S. gas prices hit $5 a gallon, as energy costs continue tremendous surge
White House officials have grown frustrated, though,
“They were perplexed that there wasn’t a more durable reaction,” said one person briefed by White House officials, speaking on the condition of anonymity to describe private conversations. “They were like, ‘Man, we can’t catch a break.’ ”Biden on Friday blamed large oil and gas companies for not doing more to increase production, accusing them of choosing profits over lower prices for Americans. “They’re not drilling.
The White House has said it is studying that approach, as embracing such a measure could give the administration an effective political response to higher gas prices. But it would lead to a fierce blowback from industry, centrist economists and the GOP. Critics warn that taxing oil and gas companies would discourage them from increasing production, which in the long run could hurt prices.
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