U.S. Energy Secretary Jennifer Granholm tried to assure the American public that President Joe Biden does think about the high gas prices plaguing the country as there seems to be no end in sight.
Gas prices have continually set record highs over the past few months, though prices have been on the rise since last year. Today, the average price for a gallon of regular gas stands at $4.92. This comes as the Biden administration has sought to curb oil and gas production in favor of renewable energy.
"Let me just say the president is going to bed at night thinking about this and waking up and asking for all good ideas, including looking at gas tax, looking at everything possible. Know that he has called for an increase in supply. That is really important, Andrea, because when Russia invaded Ukraine, they pulled about a million barrels off of the global market. And we know gas is traded on a global market," said Granholm.
"So for example, when China is opening up after COIVD, that means more people are driving, that means an increase in demand and that means that if you don't increase the supply to match that increase in demand, then you've got a problem," she continued. "When people drive more in the summer, that also increases demand. And if you don't increase supply, that creates a problem with prices. So, the bottom line for the immediate future is to increase the supply both domestically and overseas. And that is why the president released that million barrels per day from the Strategic Petroleum Reserve for the next six months while our domestic oil and gas industry ramps up production."
Back in March, Granholm laughed when she was asked about the creeping rise in gas prices during an interview, which then stood at around $4, the first time in 14 years.
