President Biden warned energy company executives that they would investigate any price gouging in the aftermath of Hurricane Ian.
Major oil producers, including BP and Chevron, shut down some offshore production in the Gulf of Mexico this week, as Ian gained strength.
I want to add one more warning to the oil and gas industry executives. Biden said on Wednesday, as the eyewall moved onshore in Florida, do not use this as an excuse to raise gasoline prices or gouge the American people.
Biden said that the production of only about 190,000 barrels a day has been impacted by the storm. That is less than two percent of the United States daily production impacted for a very short period of time. The president said that the minimal impact on oil production shouldn't affect energy prices, because his experts told him that the minimal impact on oil production shouldn't affect energy prices.
There is no excuse for price increases at the pump because of the small temporary storm impact on oil production. Biden told the audience that he was not. If the gas companies try to raise prices at the pump because of the storm, I will ask officials to look into whether price gouging is going on. He said that the industry should do the right thing.
Biden said he had spoken with and that his team had been in constant contact with him from the beginning.
The president said that the danger is real and that the federal government is ready to help in every way possible, and that's why I made it clear to the governor and the mayors. Biden assured Florida officials that the federal government would be there to help rebuild.