COLORADO SPRINGS, Colo.– The White House addressed rising gasoline costs on Wednesday, Aug. 11, in a statement released by National Security Advisor Jake Sullivan.
The statement reads as follows:
“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery. The price of crude oil has been higher than it was at the end of 2019, before the onset of the pandemic.
“While OPEC+ recently agreed to production increases, these increases will not fully offset previous production cuts that OPEC+ imposed during the pandemic until well into 2022. At a critical moment in the global recovery, this is simply not enough.
“President Biden has made clear that he wants American to have access to affordable and reliable energy, including at the pump. Although we are not a party of OPEC, the United States will always speak to international partners regarding issues of significance that affect our national economic and security affairs, in public and private. We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices. Competitive energy markets will ensure reliable and table energy supplies, and OPEC+ must do more to support the recovery.”
On Wednesday, Aug. 12, President Joe Biden spoke about his “Build Back Better” agenda, addressing the job market as well as what to expect within consumer price margins in the coming months.
“On Friday, about 40 million families will receive their second monthly payment as part of our tax cut for families with children: three hundred and–$300 for each child under the age of six, and $250 for every child six through the age of 17,” President Biden said. “The money is a game-changer. And so, I would argue, for–for some it’s literally a lifesaver.”
He followed up on rising gas prices saying that there are no plans to increase the gas tax as part of the infrastructure bill.
President Biden said, “The National Economic Council has asked the chair of the Federal Trade Commission to use every available tool to monitor the U.S. gasoline market and address any illegal conduct that might be…contributing to price increases at the pump while the cost of barrel oil is going down.”
President Biden’s “Build Back Better Plan” was part of his three-part agenda: the “American Rescue Plan”, which was passed in March 2021 during the COVID-19 pandemic, the “American Jobs Plan” and the “American Families Plan”.
So far, the “American Rescue Plan” has been the only plan formally signed into law, while the Infrastructure Investment and Jobs Act–part of the “American Jobs Plan”–has been passed in the Senate on Tuesday, Aug. 10.