As the rise in gas prices threatens Democrats’ chances in the midterm elections, the Biden administration is trying to blame oil producers and threaten them by new regulations.
According to The Washington Post, President Joe Biden and his appointees have been meeting with oil officials. They are asking them to lower prices at the pumps and accusing them “price gouging” American citizens to fund their coffers. The White House’s efforts at lowering gas prices had helped Democrats’ prospects in November’s midterm elections. However, after falling for 98 consecutive days, the national average gas price has risen for the second week running, which could threaten to derail their bid to control Congress.
According to a statement by the Energy Department (DOE), Jennifer Granholm, President Joe Biden’s Energy secretary, told Exxon Mobil and other oil and gas companies to “step up” to lower gas prices on Sept. 30, according to a statement from Granholm. Granholm claimed oil companies were increasing prices and not producing enough fuel products for consumers.
According to a Gallup poll, roughly 38% of Americans consider the economy the most important issue facing their country. 48% of them believe that the Republican Party is the best-equipped to manage it. Politico reported that the White House is trying to prevent high gas prices before the midterm elections, as it believes gas prices directly impact voters’ perceptions of the economy.
Biden stated on Sept. 28th that he would order officials from the government to investigate whether oil companies “price gouging consumers” with high gas prices. Biden told gas station owners to not raise prices as oil producers are making record profits and the price of oil is falling.
However, OPEC and Russia’s Russian-led allies could decide to reduce oil production by more than 1 million barrels per hour, which would push gas prices higher in the winter months.
According to AAA data, the national average gas price is now $3.80 per gallon. This is $0.60 more than it was in Oct 2021. FiveThirtyEight polling shows that the Democrats will retain their small majority in the Senate, but lose control over the House.