WASHINGTON, Sept 30 (Reuters) – Senior White House officials will meet with oil executives on Friday to discuss Hurricane Ian and low gasoline inventories as President Joe Biden warns the industry not to increase consumer prices, according to two sources familiar with the matter.
The White House requested the meeting with oil companies ExxonMobil (XOM.N), Chevron (CVX.N) and Marathon Petroleum (MPC.N) Thursday night, the sources said.
Retail gasoline prices soared after a series of unscheduled refinery shutdowns and scheduled maintenance at other plants combined to tighten supply. The retail average of $3.797 a gallon is 11 cents higher than a week ago, according to AAA, although overall prices remain lower than a month ago.
Join now for FREE unlimited access to Reuters.com
Biden warned oil companies not to use the storm as an excuse to raise gasoline prices, which soared earlier this year after Russia invaded Ukraine.
“Don’t, let me repeat, don’t use this as an excuse to raise gas prices or rip off the American people,” Biden said this week. “This small, temporary impact of the storm on oil production provides no excuse for price increases at the pump, none,” he added.
Hurricane Ian devastated Florida on Thursday and South Carolina on Friday, while Hurricane Fiona wreaked havoc in Puerto Rico earlier in the month.
The meeting is expected to involve National Economic Council Director Brian Deese, Energy Secretary Jennifer Granholm and Amos Hochstein, a senior energy adviser with the State Department.
Prices rose the most in the Midwest and West Coast after a fire at the BP refinery in Toledo, Ohio, and four different refineries in California, either closed for planned work or unexpectedly taken offline .
Tight refining supply has widened the gap between wholesale gasoline futures and retail prices this year. It currently sits at around $1.30 per gallon, compared to an average of 88 cents over the past five years.
Join now for FREE unlimited access to Reuters.com
Reporting by Jarrett Renshaw; Editing by Heather Timmons and Cynthia Osterman
Our standards: The Thomson Reuters Trust Principles.