The White House is watching rising gas prices “very carefully,” as President Biden’s top advisers are briefing him regularly on the situation, a senior administration official told CNN
At present, top advisers to Biden believe the situation is steady, the official said, considering it’s the height of air conditioning and driving season and given the strength of the economy, which drives up demand for travel and energy usage. “The irony is the strength of the economy brings higher prices,” the official told CNN. “The better the president performs, the higher the price is going to go.” The average price of retail gasoline nationally rose two cents per gallon Friday to $3.
If prices rise to a level where the president deems a policy response necessary, the administration may choose to stop buying oil from the open market to refill the country’s emergency reserves or seek higher output from the largest global oil producers like Saudi Arabia and Russia. It remains unclear what price level would trigger such a response. Within the West Wing, the monthslong reprieve in gas prices has taken the issue off the front-burner for officials, but it’s now rising in priority.
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