The big part of the reason Americans are facing high gas prices is because oil producing countries and large companies have not ramped up the supply of oil quickly enough to meet the demand. And the smaller supply means higher prices globally, globally, for oil,” Biden said. Officials believe the coordinated effort could potentially have more of an effect on lowering gas prices. As of Friday, there were 604.5 million barrels of oil in the Strategic Petroleum Reserve, according to the Department of Energy. Last week, the President asked the Federal Trade Commission to “immediately” investigate whether illegal activity by oil and gas companies is pushing up gas prices.

Source: CNN November 23, 2021 20:10 UTC