Biden administration seeks to prevent rising energy prices [Video]

WHAT YOU NEED TO KNOW:

• The Biden administration is ramping up efforts to address the surge of energy prices.
• Consumer prices were up by 5.4 percent compared to last year.
• The efforts came as the administration aims to fight inflation.

The Biden administration is working locally and globally to manage the surging energy prices, as the country continues to endure the economic consequences caused by the pandemic.

On Wednesday, National security adviser Jake Sullivan asked the Organization of the Petroleum Exporting Countries (OPEC) to expedite the rehabilitation of petroleum’s global supply to have ‘normal level’ supplies back, just like the pre-pandemic time. 

The White House had also instructed the Federal Trade Commission to monitor and track the domestic gasoline market for any movement that could raise the prices.

“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery.” Sullivan said in a statement.

He noted that the federal government was pushing the OPEC and allied producers to return their pre-pandemic operations.

National Economic Council director Brian Deese has also advised Lina Khan, the head of FTC independent agency to “monitor the U.S. gasoline market and address any illegal conduct that might be contributing to price increases for consumers at the pump.”

The Labor Department reported on Wednesday that consumer prices increased by 0.5 percent from June to July, but down from the 0.9 percent jump from the earlier months. Compared to last year, though, the price climbed by 5.4 percent.

As of now, the cost of gasoline is around $1 higher than last year. Following the coming of the summer and the loosening of COVID-19 restrictions, Americans were hugely eager to go on road trips.

The White House said that the current prices should not pose a panic, since the US is “not at an historically high gas price moment.” The prices now are the same during the 2018 period.

The recent efforts came as the Biden administration moves to prevent further increase of energy prices amid the political and economic pressures from critics. The White House noted that as the economy steadily recovers from the pandemic and its repercussions, inflation will eventually cool down.

Source: AOL.com