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Biden Attempts to Quell Gasoline Prices Falling Short

OIL PRODUCTS

The Biden administration has failed to make much progress with plans to bring down domestic gasoline prices in the US after meeting with refiners this week.

  • The administration is reported to be interested in lifting summer specification gasoline standards across the board to give higher access to blendstock but have been reported to be backing away from a fuel export ban.
  • Lifting summer gasoline specifications would be expected to make a minimal difference in gasoline costs.
  • US refiners have been hesitant to reopen or expand refining capacity in the US citing significant financial risks in doing so over the longer term, especially with a political backdrop trying to move away from fossil fuels.
  • On Wednesday, Biden called on Congress to pass a three-month suspension of the federal gasoline tax.
  • Biden is going to Saudi Arabia next month where he is expected to encourage the oil-rich nation to boost output.

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