President Biden has released 50 million barrels of oil from strategic reserves, but oil production hasn't caught up to pre-pandemic levels.
They're high because oil producers aren't ramping up supply quickly enough.
Officials are considering releasing oil from the strategic reserve. They’re also pushing the FTC to investigate possible price gouging.
Vijay Vaitheeswaran, editor at The Economist, on what energy shortages and rising fuel prices mean for the transition to clean energy.
Demand shot up this summer as people hoped to get out. Then Hurricane Ida stopped some production.
In an attempt to moderate gas and oil prices, Biden has asked OPEC to increase production, despite it being a function of market forces.
But will high gas prices make a difference in what they drive and where they go?
Heating your home too. Propane futures are trading at roughly twice what they were the past two summers and retail prices are up as well.
Yes, the economy is reopening globally. But gasoline prices are also affected by Iran's latest election.
Many people are running out to top up ... just in case.