The national cost at the pump continues to go up. As of today (March 14), U.S. drivers were paying an average of $4.33 cents per gallon. And though the price per barrel finally dropped under $100 for the first time in weeks, the White House expects drivers to watch gas prices continue to rise for the foreseeable future.
“We still believe it will continue to go up. But we’re trying to take steps we can take to mitigate that and reduce it,” Press Secretary Jen Psaki said.
At a Glance
- The White House is warning consumers that gas prices will continue to rise amid the Russian invasion.
- The cost at the pump is not reflecting todays drop in price per barrel, and it likely won’t for some time.
- The Biden administration did not share how high the price may climb.
- Psaki says the president is looking into ways to increase oil supplies.
White House is Unsure How High Gas Prices Will Go, Trying to ‘Mitigate’ the Inflation
During a briefing Monday, reporters asked Psaki about skyrocketing fuel costs and if the new sanctions on Russia will continue to affect travel costs.
Last week, the US stopped all oil exports from the country. And Germany also paused operations on the Nord Stream 2 pipeline, which funnels Russian gas into European countries. So the worldwide oil supply has dropped significantly, as projected.
But despite the limited resources, the market did manage to correct itself after hitting a 14-year high of $130.50 a barrel on March 6. Today, the cost dropped another 8.75%, which makes a total of 25% within a week, and closed at $99.76 per barrel, according to CNBC.
Nonetheless, the White House doesn’t think that any of that relief will pass to consumers. In fact, Psaki warned that the “American public” should “be aware” that energy cost as a whole will possibly get much worse. Though, she didn’t say how they could climb.
“I don’t have a prediction from here in terms of what it could look like,” Pres. Secretary Jen Psaki says on how high the White House believe gas prices will go up.— CBS News (@CBSNews) March 14, 2022
“We still believe it will continue to go up.” pic.twitter.com/J8ggPyPTdP
“I don’t have a prediction from here in terms of what [prices] could look like,” she told reporters. “There are outside predictors, of course. And obviously what we’re trying to do is mitigate the impact.”
Russia is the third-largest oil producer in the world. And until recently, the country was responsible for 7% of all U.S. foreign oil imports. So the White House has to find alternative ways to ease the burden.
According to the press secretary, Biden is looking into a “range of steps that he can take” to help American consumers, “whether that is engaging through his team or through even himself personally with big global producers. Or it is looking at a range of domestic options.”
Psaki declined to offer an insight into possible “options” due to their “sensitive” nature.
“It includes a lot of conversations with foreign counterparts and other major large global suppliers,” she added. “It also includes conversations we’re continuing to have with Congress and others about what steps may be at our disposal.”