Bloomberg - - In his latest attempt to counter inflationary pressure, President Joe Biden said his administration is looking into high fuel prices.
There is plenty of evidence that gas prices haven t dropped - but they could be lowered, Biden said Thursday. We re taking a close look at that. Oil prices have risen 60% so far in the past 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 pandemic.
U.S. retail gasoline prices rose to $3.19 per gallon on Wednesday, the highest level since October 2014 according to data from AAA.
Biden added: We re also going after the bad actors and pandemic profiteers in our economy.