Biden continues to evaluate ‘series of options’ on gasoline prices

The president of EUnited States, Joe Biden, and his Administration are focused on finding ways to reduce the rise in gasoline prices, said the press secretary of the White HouseJen Psaki, though she declined to comment on the specific options under consideration.

“Certainly the cost of gasoline is on the president’s mind, as it is on the minds of many Americans across the country,” Psaki said Friday during a briefing at the White House. He added that the Administration is “analyzing a series of options that we have at our disposal.”

He said the Administration has been pressuring oil-producing countries to pump more crude and looking for ways to ensure there are no excessive price increases at gas stations. But he declined to say whether Biden plans to release oil from the country’s strategic reserve.

The president has hinted repeatedly in recent days that he would act to control gasoline prices, which are at the highest level in seven years and were a major factor in the October consumer price spike, which recorded its fastest pace since 1990.

But the president’s options for tackling oil prices without the cooperation of producers are limited. Biden could order a release of oil from the strategic reserve. It could also consider reinstating an oil export ban, after a 40-year ban on US oil exports was lifted six years ago.

But neither option offers a perfect solution. Experts warn that tapping into strategic reserves may only have a small impact on consumer prices, while reinstating the export ban presents the risk of further disrupting markets.

Energy Secretary Jennifer Granholm said in an interview with CNN last weekend that she would look at the monthly survey from the U.S. Energy Information Administration (EIA) as the country determined the steps. I could take In that report, released Tuesday, the EIA projected that retail gasoline prices would drop next month, which could reduce pressure on the Administration to act quickly.