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| High fuel prices are a new concern for the US government . (Source: WSJ) |
President Joe Biden is using the phrase “Bidenomics” to highlight the current administration 's efforts and achievements on the US economy.
In recent weeks, Mr. Biden has repeatedly used the phrase, emphasizing cooling inflation and record job creation.
But global crude oil prices have surged 20% this summer after Saudi Arabia and Russia cut supplies. Gasoline prices in the world’s largest economy have climbed to a nine-month high. Among the fuels rising in price is diesel, a key input for US industry and agriculture .
A White House official said the government continues to monitor gasoline prices closely. However, the official noted that gasoline prices are still below $1 a barrel since the peak reached last summer.
The International Energy Agency (IEA) has warned that the global crude oil market will tighten significantly in the coming months. Many analysts predict that global crude oil prices could rise to $100 per barrel this year.
Against this backdrop, governments from Washington to Europe are scrambling to prepare for the negative impact of rising fuel prices.
Expert Dan Yergin, Vice President of S&P Global, commented: "If demand is greater and supply tightens next fall, it will continue to put upward pressure on oil prices."
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