In the aftermath of Russia‘s war on Ukraine, Democrats in Congress are calling on the White House to take further steps to mitigate the impact of rising fuel prices.
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“As Russia’s invasion of Ukraine continues to cause volatility in the global oil market, we are writing to urge you to consider using all of the tools at your disposal to insulate Americans from rising gasoline prices,” in a letter to President Biden dated Thursday, the congressmen said.
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An additional release from the Strategic Petroleum Reserve was particularly mentioned in the letter, which was signed by nine senators and one congressman. Biden stated on Thursday that the US is prepared to release more oil from its stockpile if necessary.
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The MPs also advocated for “diplomatic pressure” to persuade global oil producers to increase output, as well as “restrictions on petroleum exports unless they will advance our national security goals and lower prices for consumers.”
According to AAA, the national average price of regular gasoline rose to $3.57 per gallon on Friday. That’s a 3 cent increase in a day and a 23 cent increase in a month. Gasoline prices follow oil prices with a lag.