WASHINGTON (NEXSTAR) – The White House is looking at ways to cut off oil supplies overseas so that Americans don’t see an increase in gas prices.
“The president will remain focused on making sure that we keep the pain at the pump to a minimum,” said spokesman John Kirby.
Experts say higher prices may be on the horizon after OPEC – the Organization of the Petroleum Exporting Countries – announced it will scale back production, slashing 2 million barrels per day starting in November.
At the same time, an order from President Joe Biden to regularly release oil from the national strategic reserve runs out at the end of October. That has caused prices to fall from record highs in the summer.
“We are looking at what alternatives we have,” the president told reporters.
Kirby said OPEC’s decision, which the group believes will keep energy markets safe and stable, is “short-sighted.”
The Biden administration is urging the oil industry to increase domestic production to help close the gap.
“We’re doing everything we can to make sure there are more leases available for drilling here in the United States,” said Kirby.
But the American Petroleum Institute, which represents the oil industry, said the administration’s policies made domestic production more difficult.
“(The administration) has stifled American energy production on federal lands and water, they have canceled pipelines, they have increased taxes,” API senior vice president of policy, economics and regulatory affairs Frank Macchiarola said.
The White House says it is not friendly to the industry.
Biden could tap Congress to work on a solution to prevent price spikes.