NATIONAL NEWS

Biden Team Is Seeking Ways To Address Rising Energy Prices

Aug 11, 2021, 10:08 AM

FILE: A customer prepares to pump gasoline into his car at a Valero station on July 12, 2021 in Mil...

FILE: A customer prepares to pump gasoline into his car at a Valero station on July 12, 2021 in Mill Valley, California. (Photo by Justin Sullivan/Getty Images)

(Photo by Justin Sullivan/Getty Images)

WASHINGTON (AP) — President Joe Biden’s administration is moving at home and abroad to try to address concerns about rising energy prices slowing the nation’s recovery from the pandemic-induced recession.

National security adviser Jake Sullivan on Wednesday called on the Organization of the Petroleum Exporting Countries to move faster to restore global supply of petroleum to pre-pandemic levels, and the White House asked the Federal Trade Commission to investigate the domestic gasoline market for any anti-competitive behavior that could be increasing prices.

The joint actions come as the administration is increasingly sensitive to rising prices across the economy as it faces both political and policy pressure from inflation.

“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” Sullivan said in a statement. He said the administration was pressuring OPEC and producers allied with the cartel to more quickly undo the production cuts put in place at the start of the pandemic.

Biden’s National Economic Council director, Brian Deese, asked the FTC head, Lina Khan, to “monitor the U.S. gasoline market and address any illegal conduct that might be contributing to price increases for consumers at the pump.” The FTC is an independent agency and may take advice, but not direction, from the White House.

Wednesday’s report from the Labor Department showed that consumer prices jumped 0.5% from June to July, down from the previous monthly increase of 0.9%. They have increased a substantial 5.4% compared with a year earlier, erasing much of the benefit to workers from higher pay.

Gas prices are up about $1 from a year ago as Americans hit peak summer driving season and return to roads after pandemic shut-ins. The White House says it’s no cause for alarm, saying the country is “not at an historically high gas price moment” and that prices are roughly where they were in 2018.

Rising prices, both at the pump and across other consumer goods, have become a potent talking point among Biden’s GOP critics. The White House has insisted that inflation will cool as the economy recovers from the twin shocks of the pandemic and the nation’s ongoing recovery from the virus-induced lockdowns.

KSL 5 TV Live

National News

FILE - Left to right, clockwise: Twitter former executives Vijaya Gadde, Parag Agrawal, Ned Segal, ...

Brian Fung and Clare Duffy, CNN

Former Twitter execs sue Elon Musk over severance payments

A group of former Twitter executives sued Elon Musk on Monday in a bid to recover more than $128 million in severance that they allege Musk has not paid since he acquired the company, now called X, more than a year ago.

1 hour ago

Idaho State Police released aerial photos of a string of crash sties on Interstate 84 on March 4, 2...

Mary Culbertson

63 cars, semitrucks crash on I-84 following winter storm

Idaho State Police responded to a string of crashes on I-84 Monday morning, closing miles of the interstate for hours.

3 hours ago

Tova Callender, left, and Christiane Keyhani of Hui O Ka Wai Ola, collect water samples at the Mala...

AUDREY McAVOY Associated Press

In Hawaii, coral is the foundation of life. What happened to it after the Lahaina wildfire?

For now, state officials are urging the public to limit their exposure to the ocean and seafood until scientists understand what might be making its way through the food chain.

4 hours ago

Cookie Monster has taken to X to express his frustration over shrinking products, aka: "shrinkflati...

Bryan Mena, CNN

Even Cookie Monster is complaining about the US economy now

Cookie Monster has taken a stance on a very real and controversial trend in the US economy — and he hates it.

4 hours ago

Thousands of pounds of Trader Joe's chicken soup dumplings have been recalled due to possible conta...

Jamie Gumbrecht, CNN

61,000 pounds of Trader Joe’s chicken soup dumplings recalled due to possible contamination with hard plastic

More than 61,000 pounds Trader Joe’s steamed chicken soup dumplings are being recalled due to possible contamination with hard plastic from a permanent marker.

4 hours ago

The Federal Aviation Administration has found multiple problems with Boeing’s production practice...

Pete Muntean, Gregory Wallace and Chris Isidore, CNN

FAA finds ‘multiple instances’ of Boeing quality control issues

The Federal Aviation Administration has found multiple problems with Boeing’s production practices following a six-week audit triggered by the January 5 door plug blowout on an Alaska Airlines’ Boeing 737 Max 9.

5 hours ago

Sponsored Articles

Modern chandelier hanging from a white slanted ceiling with windows in the backgruond...

Lighting Design

Light Up Your Home With These Top Lighting Trends for 2024

Check out the latest lighting design trends for 2024 and tips on how you can incorporate them into your home.

Technician woman fixing hardware of desktop computer. Close up....

PC Laptops

Tips for Hassle-Free Computer Repairs

Experiencing a glitch in your computer can be frustrating, but with these tips you can have your computer repaired without the stress.

Close up of finger on keyboard button with number 11 logo...

PC Laptops

7 Reasons Why You Should Upgrade Your Laptop to Windows 11

Explore the benefits of upgrading to Windows 11 for a smoother, more secure, and feature-packed computing experience.

Stylish room interior with beautiful Christmas tree and decorative fireplace...

Lighting Design

Create a Festive Home with Our Easy-to-Follow Holiday Prep Guide

Get ready for festive celebrations! Discover expert tips to prepare your home for the holidays, creating a warm and welcoming atmosphere for unforgettable moments.

Battery low message on mobile device screen. Internet and technology concept...

PC Laptops

9 Tips to Get More Power Out of Your Laptop Battery

Get more power out of your laptop battery and help it last longer by implementing some of these tips from our guide.

Users display warnings about the use of artificial intelligence (AI), access to malicious software ...

Les Olson

How to Stay Safe from Cybersecurity Threats

Read our tips for reading for how to respond to rising cybersecurity threats in 2023 and beyond to keep yourself and your company safe.

Biden Team Is Seeking Ways To Address Rising Energy Prices