BELOW SUPERNAV drop zone ⇩

Biden team is seeking ways to address rising energy prices

MAIN AREA TOP drop zone ⇩

MAIN AREA TOP drop zone ⇩

Testing widget old system

Lorenzo shared

Mortgage Calculator

This calculator helps you estimate your monthly mortgage payment. It adds up the loan payment (principal + interest), property tax, and insurance. The loan payment is spread out over the years of your loan term.

This is the total amount you're borrowing from the bank.
This is the yearly interest rate on your loan.
This is how long you'll take to repay the loan.
This is the yearly tax you pay on your property.
This is the yearly cost to insure your home.

Monthly Payment Breakdown

Principal and Interest: $

Property Tax: $

Homeowners Insurance: $

Total Estimated Monthly Payment: $

WASHINGTON (AP) — President Joe Biden’s administration is moving at home and abroad to try to address concerns about rising energy prices slowing the nation’s recovery from the pandemic-induced recession.

National security adviser Jake Sullivan on Wednesday called on the Organization of the Petroleum Exporting Countries to move faster to restore global supply of petroleum to pre-pandemic levels, and the White House asked the Federal Trade Commission to investigate the domestic gasoline market for any anti-competitive behavior that could be increasing prices.

The joint actions come as the administration is increasingly sensitive to rising prices across the economy as it faces both political and policy pressure from inflation.

“Higher gasoline costs, if left unchecked, risk harming the ongoing global recovery,” Sullivan said in a statement. He said the administration was pressuring OPEC and producers allied with the cartel to more quickly undo the production cuts put in place at the start of the pandemic.

Biden’s National Economic Council director, Brian Deese, asked the FTC head, Lina Khan, to “monitor the U.S. gasoline market and address any illegal conduct that might be contributing to price increases for consumers at the pump.” The FTC is an independent agency and may take advice, but not direction, from the White House.

Wednesday’s report from the Labor Department showed that consumer prices jumped 0.5% from June to July, down from the previous monthly increase of 0.9%. They have increased a substantial 5.4% compared with a year earlier, erasing much of the benefit to workers from higher pay.

Gas prices are up about a $1 from than a year ago as Americans hit peak summer driving season and return to roads after pandemic shut-ins. The White House says it’s no cause for alarm, saying the country is “not at an historically high gas price moment” and that prices are roughly where they were in 2018.

Rising prices, both at the pump and across other consumer goods, have become a potent talking point among Biden’s GOP critics. The White House has insisted that inflation will cool as the economy recovers from the twin shocks of the pandemic and the nation’s ongoing recovery from the virus-induced lockdowns.

Your Money

Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed

Site Settings Survey

 

MAIN AREA MIDDLE drop zone ⇩

Trending on NewsNation

MAIN AREA BOTTOM drop zone ⇩

tt

KC Chiefs parade shooting: 1 dead, 21 shot including 9 kids | Morning in America

Witness of Chiefs parade shooting describes suspect | Banfield

Kansas City Chiefs parade shooting: Mom of 2 dead, over 20 shot | Banfield

WWE star Ashley Massaro 'threatened' by board to keep quiet about alleged rape: Friend | Banfield

Friend of WWE star: Ashley Massaro 'spent hours' sobbing after alleged rape | Banfield

Sunny

la

68°F Sunny Feels like 68°
Wind
8 mph SW
Humidity
76%
Sunrise
Sunset

Tonight

A few clouds. Expect mist and reduced visibilities at times. Low 62F. Winds WSW at 5 to 10 mph.
62°F A few clouds. Expect mist and reduced visibilities at times. Low 62F. Winds WSW at 5 to 10 mph.
Wind
8 mph WSW
Precip
8%
Sunset
Moon Phase
Waning Gibbous