Biden: "No excuse" for gas price hikes in wake of Hurricane Ian
Oil and gas companies should not use the impending landfall of Hurricane Ian to raise gas prices, President Biden warned in a speech Wednesday.
Driving the news: Biden said Ian provided "no excuse" for price increases at the pump and that he would ask officials to look into potential "price gouging" if gas companies are found using the storm as a reason to raise rates.
What they're saying: "To the oil and gas industry — do not — let me repeat — do not use this as an excuse to raise gasoline prices or gouge the American people," Biden said.
- “The price of oil has stayed relatively low and kept going down. The price of gas should be going down as well," he added.
- Biden claimed only 190,000 barrels of oil a day had been impacted by the storm so far — less than 2% of the U.S.' daily production — and that the impact would last "for a very short amount of time.”
The big picture: Tamping down high gas prices has been a central concern for the Biden administration for months, as the nation has wrestled with decades-high inflation.
- Various tactics are being used to bring down gas prices, including ordering the massive release of oil from the Strategic Petroleum Reserve and waiving the usual summertime ban on E15 gasoline.
- Gas prices have declined month over month since hitting an unprecedented national average price of $5 per gallon for regular gasoline back in June.
- Republicans have sought to make the November midterms a "gas and groceries" election — all about inflation, Axios' Mike Allen and Sophia Cai write
More from Axios:
- Hurricane Ian closings: Universal Studios, Disney, stores, schools and more closed
- Flight cancellations top 1,900 as Hurricane Ian nears Florida
- Insurance tips for homeowners pre- and post-Hurricane Ian
This story story has been updated with additional information.