The US Department of Energy is in talks with oil producers and refiners to ensure a stable supply of fuel amid continued rising fuel prices. As fuel prices continue to rise, reaching the highest level in more than a decade, the White House Council of Economic Advisers recognizes the need to address this issue in a timely manner.
According to Jared Bernstein, head of the White House Council of Economic Advisers, the significant increase in US consumer prices, the largest in 14 months, may be due to the increase in fuel prices. In August alone, fuel prices rose 10.6%, after a 0.2% increase in July. This sharp increase in fuel prices accounted for more than half of the total increase in the Consumer Price Index during this period.
Data from the US Energy Information Administration revealed that gasoline prices rose to $3.984 per gallon during the third week of August, compared to $3.676 per gallon in July. This huge increase in fuel prices has undoubtedly put economic pressure on American consumers and has affected many sectors of the economy.
Faced with these challenges, the US Department of Energy is actively working with key stakeholders in the oil production and refining industries. The objective is to ensure constant supply of fuel and ease the burden on consumers. By working closely with oil producers and refiners, the government aims to minimize the impact of rising fuel prices on the wider economy.
As talks progress between the US Department of Energy, oil producers and refiners, the White House remains committed to finding effective solutions to stabilize fuel prices. A balance between affordability for consumers and the needs of the energy industry is essential to ensure a strong and stable economy.