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White House calls on US oil and gas companies to help lower fuel costs: sources

Por Jarrett Renshaw

Oct 13 (Reuters) – The White House has been speaking in recent days with US oil and gas producers to help cut rising fuel costs, two sources familiar with the matter said.

Energy costs are rising around the world, causing shortages in some cases in large economies like China and India. In the United States, the average retail cost of a gallon of gasoline is at a seven-year high and fuel costs are expected to rise for the winter, according to the Department of Energy. Oil and gas production remains below the national peak reached in 2019.

“We are closely monitoring the cost of oil and gas that Americans pay at the pump. And we are using all the tools at our disposal to address anti-competitive practices in the energy markets of the United States and the world to ensure reliable and reliable energy markets. stable, “said a White House official, without specifying whether he had been in contact with the industry.

Crude in the United States recently touched $ 80 a barrel for the first time in seven years, at a time when the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC +, continue to restrict pumping.

The average retail price of a gallon of gasoline has risen to $ 3.29, according to AAA figures. The Department of Energy said Wednesday that home heating costs are expected to rise dramatically this winter for all fuels, but especially heating oil and propane.

US oil production has slowly recovered since 2020, when it plummeted from the coronavirus outbreak. Production hit a record high of nearly 13 million barrels per day (bpd) at the end of 2019, but the Department of Energy said Wednesday that it will only average 11 million bpd in 2021, rising to 11.7 million bpd in 2022.

Natural gas prices have risen sharply this year, as a result of shortages and higher-than-expected demand in Europe and Asia.

President Joe Biden’s administration has been holding internal discussions about rising fuel costs, one of the two sources added.

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