Explainer: In gasoline-guzzling U.S., high pump prices can be political poison

Published by
Reuters

By Steve Holland and Diane Bartz WASHINGTON (Reuters) – President Joe Biden launched an aggressive attack on gasoline prices last week, enlisting China and other nations in a possible joint release of oil reserves, and sharpening a probe into oil giants’ pricing. The efforts may have limited impact on prices at the pump, experts say, but doing nothing would be a political mistake as gasoline prices hit a seven-year high. The average U.S. retail gasoline price is $3.41 a gallon, up from $2.11 a year ago, according to the American Automobile Association. Americans are by far the world’s heaviest…

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