American News Oct 14, 2021 12:49 AM EST

Biden administration calls on American energy companies to bring down rising fuel costs

As Americans continue to deal with the rising price of fuel, President Biden urged US energy companies on Wednesday to help lower costs.

Biden administration calls on American energy companies to bring down rising fuel costs
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As Americans continue to deal with the rising price of fuel, President Biden urged US energy companies on Wednesday to help lower costs.

Across the world, fuel prices have been on the rise. As Reuters reports, with crude at $80 a barrel,"in the United States, the average retail cost of a gallon of gas is at a seven-year high" at $3.29 per gallon. They also note that "winter fuel costs are expected to surge."

During the COVID-19 pandemic, oil production in the United States fell from its peak in 2019, and is not expected to return to such levels in the near future. According to Reuters, shale producers have also been less willing to drill due to "weak financial performance."

With this in mind, the White House held talks with oil and gas companies to see what can be done to lower costs for consumers. "We are closely monitoring the cost of oil and the cost of gas Americans are paying at the pump," an official said. "We are using every tool at our disposal to address anti-competitive practices in U.S. and global energy markets to ensure reliable and stable energy markets."

Anne Bradbury, CEO of American Exploration and Production Council, blasted the Biden administration for instituting what many have deemed to be attacks on the industry. "By pursuing policies that restrict supply and make it harder to produce oil and natural gas here in America," she said, "Americans will have to pay more for their energy."

The talks with oil and gas companies come as the Biden administration deals with supply chain bottlenecks, which have caused prices of many goods to rise. The White House called on American companies to adopt the "24/7 model" currently used by many large corporations around the world to help expedite the supply chain.

Following President Biden's call on companies to remedy the situation, conservative political commentator Dan Bongino appeared on Fox News to discuss the issue of supply chain management.

"So you're telling me," Bongino began, "if factories now don't stack goods for a long time like they used to, and then you lock down the economy, you didn't know when you opened up that you were gonna have a supply chain problem? Dude, I learned this in my first year of business school!" He went on to slam the Biden administration for policies he says have done nothing to help the economy, and have, if anything, made things worse for the average American.

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