“This small, temporary storm impact on oil production provides no excuse — no excuse — for price increases at the pump,” Biden continued. “None. If companies try to use this storm to raise prices at the pump, I will ask officials to look into whether price gouging is going on.”
Oil and fuel trade associations American Petroleum Institute and the American Fuel and Petrochemical Manufacturers did not immediately offer comment on Biden’s statement.
Background: Oil prices have fallen below $80 a barrel this week after hitting $122 in June. Gasoline prices, which had been a political thorn in the administration’s side as they reached a nominal record-high of $5.01 a gallon in June, have since fallen to an average of $3.76, according to travel association AAA.
The Biden administration had already called for an investigation into whether the oil industry had colluded to increase prices, though most oil companies no longer own many gasoline stations. Last year, it said it would increase its scrutiny of retail gas station company mergers to see if they were causing fuel prices to increase.
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