President Biden on Wednesday warned oil and gas companies not to use Hurricane Ian as an “excuse” to raise gas prices.
President Biden issued a direct warning to energy company executives, threatening to investigate any price hikes in the wake of Hurricane Ian.
Major oil producers including BP and Chevron shut down some offshore production in the Gulf of Mexico this week as Ian gained strength.
“I want to add another disclaimer […] leaders in the oil and gas industry. Don’t use – let me repeat, don’t use this as an excuse to raise gas prices or swindle the American people,” Biden said Wednesday as the eyewall moved ashore in Florida.
HURRICANE IAN POWER OUTAGES IN FLORIDA SURGE
President Biden speaks during the White House Conference on Hunger, Nutrition and Health, at the Ronald Reagan Building, Wednesday, September 28, 2022, in Washington, DC (AP Photo/Evan Vucci/AP Newsroom)
“My experts have informed me that production of only about 190,000 barrels per day has been affected by the storm so far,” Biden said. “That’s less than two percent of daily US production affected for a very short period of time.”
LIVE UPDATES: HURRICANE IAN’S DANGEROUS EYE WALL MOVES ALAND IN FLORIDA WITH CATEGORY 4 FORCE
The president continued, adding that his experts had told him that this minimal impact on oil production should not affect energy prices.
A customer refills cans at a gas station ahead of Hurricane Ian in Tampa, Fla., Tuesday, Sept. 27, 2022. (Eva Marie Uzcategui/Bloomberg via Getty Images/Getty Images)
“This small, temporary impact of the storm on oil production provides no excuse, no excuse for price increases at the pump. None,” Biden told the audience. “If gas companies try to use this storm to raise prices at the pump, I will ask officials to check if any price hikes are underway.”
“America is watching. The industry should do the right thing,” he added.
A gas pump is shut down and wrapped in plastic at St. Pete Beach ahead of Hurricane Ian on September 27, 2022 in St. Petersburg, Florida. (BRYAN R. SMITH/AFP via Getty Images/Getty Images)
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Biden said he spoke with Florida Governor DeSantis and that his team had been in constant contact with him from the start.
“I made it clear to the governor and the mayors that the federal government is ready to help in any way possible,” the president said, adding that the danger was “real.”
Biden assured Florida officials that the federal government would be there to help rebuild.
