President Joe Biden on Wednesday warned energy companies against using Hurricane Ian as an excuse to raise gasoline prices, a politically sensitive issue just six weeks from midterm elections deciding control of Congress.
“I want to add one more warning — a warning to the oil and gas industry executives. Do not — let me repeat, do not — do not use this as an excuse to raise gasoline prices and gouge the American people,” Biden said as the hurricane approached Florida.
Biden noted that oil prices have fallen far off economically destabilizing highs earlier this year and “the price of gas should be going down as well.”
The Democrat said advisors told him that less than two percent of daily US oil production was impacted by the hurricane, so “this small, temporary storm impact on oil production provides no excuse.”
If fuel costs go up sharply “I’ll ask officials to look at whether price gouging is going on,” he said.
Average petrol prices for motorists are about $3.8, far down from around $5 a gallon in June. The cost of fuel has been a major driver of overall inflation, causing the Democrats and Biden a headache as they try to stem expected Republican victories in the midterms.
