Here’s is what they want to do.
In response to gas prices surging, the White House has started scrambling for answers to solve the problem.
The surge in prices also threatens to undermine Democrats in the upcoming midterm elections.
In the following days, Energy Secretary Jennifer Granholm is expected to convene an emergency meeting on the subject.
On Wednesday (June 15) Biden’s economics team also met with external advisors to discuss various solutions. The meetings will continue on Thursday.
One of the ideas up for consideration is an endorsement by the White House for a federal gas tax holiday; while it contemplates this move, the White House is also preparing for a contentious summit with Saudi Arabia, where the global supply of gas is expected to feature.
According to reporting by The Hill, one administration official confirmed the White House is looking into ideas to solve the skyrocketing prices, saying, “All options are being considered, obviously.”
The White House also took a more aggressive approach to defend Biden’s inaction by shifting the blame to the profits made by oil companies at the expense of American consumers and releasing the letter Biden sent to gas companies.
In the letter addressed to executives at companies, including Exxon Mobil and Shell, Biden says: “I understand that many factors contributed to the business decisions to reduce refinery capacity, which occurred before I took office. But at a time of war, refinery profit margins well above normal being passed directly onto American families are not acceptable.”
Biden’s letter comes after gas prices reached a national average of $5 per gallon over the weekend.