After beating up on oil and gas industry, Biden now seeks its help
by Jeremy Beaman, Energy and Environment Reporter |
| October 15, 2021 07:00 AM
After campaigning on reining in oil and gas companies and curbing climate change, President Joe Biden is scrambling to find ways to lower energy prices — and counting on help from the industry.
The average per-gallon price of gasoline stands at $3.29 nationally, the highest level in seven years. Oil is also at its highest price in that time frame. Rising natural gas prices are expected to raise heating bills by about 30% this winter. With general inflation also high and dragging down Biden's approval ratings, rising energy prices are a threat to the president's agenda.
Biden has already been forced to ask global oil producers in OPEC+ to increase output to boost global supply in hopes of lowering costs. And this week, the White House has been reportedly consulting with the oil and gas industry about lowering prices — an industry whose footprint Biden has sought to shrink.
The issue is a precarious one for Biden, who argued during his campaign that the nation needs to get away from oil — but is now seeking more of it.
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