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In his latest attempt to counter inflationary pressure, President Joe Biden said his administration is looking into high gasoline prices.
“There’s lots of evidence that gas prices should be going down — but they haven’t,” Biden said today. “We’re taking a close look at that.”
Oil prices have risen 50% so far this year, with global demand for fuel roaring back after COVID-19 wiped out consumption last year. At the same time, global crude production is much lower than it was before the pandemic.
U.S. retail gasoline prices rose to $3.19 per gallon Wednesday, the highest since October 2014, according to data from auto club AAA.
“We’re also going after the bad actors and pandemic profiteers in our economy,” Biden said.
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