Biden to oil companies: Don't think of pumping up prices with the hurricane as an excuse

Joe Biden
Joe Biden / Photo: EPA-EFE / Yuichi Yamazaki

The American president Joe Biden warned energy companies not to use Hurricane Ian as an excuse to raise oil and gas prices.

- I want to add one more warning - to the heads of the oil and gas industry. Do not, I repeat, do not use this as an excuse to raise gas prices or torture the American people, Biden said at the start of a conference on hunger in America.

Biden said the hurricane "provides no justification for raising prices at the gas stations" – the US is watching. The industry needs to do the right thing, Biden added.

He said that oil prices have fallen significantly compared to the economically destabilizing records earlier this year and assessed that "the price of gas should also decrease".

The president indicated that advisers told him that less than two percent of daily US oil production was affected by the hurricane, so "this small, temporary impact of the storm on oil production provides no justification."

– If fuel costs increase sharply, I will ask the officials to check whether the price increases continue, he said.

There are few signs that average gas prices have jumped significantly in Florida as the hurricane approaches.

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