When asked what are White House's alternative responses to the decision by OPEC+ to cut oil production, United States National Economic Council Director Brian Deese (pictured) said on Thursday that domestic energy companies should reduce retail gasoline prices to reflect the wholesale price they are paying.
Speaking to reporters aboard Air Force One, Deese specified that wholesale refined gasoline price is, on average, about $1.2 lower than what consumers are paying and that the historical gap between the two has been $0.90. He repeated that the release of oil from the Strategic Petroleum Reserves is another solution for the US to address OPEC+ output reduction.
The White House will continue to discuss the matter with Congress, Deese also noted. Answering a reporter's question on whether the US could impose limits or a ban on exports of gasoline and refined petroleum, US President Joe Biden's chief economic advisor reiterated that "all options are on the table."
