In recent months, the Biden administration of the United States has vowed to use all available means to curb the rise in energy prices. However, the current status quo proves that in the face of the nationwide inflationary pressure transmitted by the soaring energy prices, the White House actually has not many tools at its disposal.

In an interview with local media this week, the U.S. Department of Energy stated that it still has "no plan" to use emergency reserves or restrict U.S. energy exports to the outside world. These are two market intervention measures that can be used by administrative departments that have been widely discussed before.

U.S. government officials said privately that the release of strategic oil reserves has little impact on the market and is almost negligible. Restricting exports may anger U.S. allies and violate long-term commercial contracts.

The White House admits that they have no choice. White House Press Secretary Jen Psaki told reporters on Friday that “whatever the president can do is limited because it is related to oil prices.”

The White House also stated that it has instructed the Federal Trade Commission to investigate possible price fraud and instructed the National Security Council to urge the alliance of oil-producing countries represented by OPEC+ to increase production.

Previously, U.S. President Biden also said in answering questions about rising inflation at a CNN town hall discussion on Friday, “My guess is that as we enter the winter - sorry, it is entering next year, too. In 2022, you will start to see gasoline prices fall. But during this period, I don’t think there will be any events that will significantly reduce oil prices."

U.S. voters are increasingly anxious about rising energy prices

The national average retail gasoline price on Monday (October 25) was 3.387 US dollars per gallon, which has risen by about 50% since the beginning of the year and exceeded the level before the epidemic. At the same time, international oil prices have increased by as much as 70% during the year, partly because demand rebounded from the low point during the epidemic, and people's spending at gas stations has risen as a result.

This past weekend, a "bomb cyclone" triggered by a sudden drop in air pressure caused squally showers in California and caused two local refineries to experience mechanical failure after a historic downpour. The average retail gasoline price in the San Francisco area of California rose to $4.727 per gallon, only one cent lower than the record high set in 2012. According to data from the American Automobile Association, California is usually the state with the highest gasoline prices in the United States, and the current average retail price in this state is $4.55 per gallon.

The soaring energy prices combined with the rising tide of various commodities are hitting Americans' wallets and threatening the momentum of the economic rebound in the United States before the 2022 mid-term elections.

And more and more U.S. voters are now blaming Biden for rising prices: In a survey conducted by CBS News in early October, 66% of respondents attributed inflation to U.S. government policies. , 60% blamed the Biden administration for not paying enough attention to this issue.

Oil price trends are often affected by changes in market supply and demand forces. Many domestic energy advocates say that the environmental policies formulated by the current US government restrict the supply of oil and natural gas into the market.

Earlier this year, President Biden cancelled the Keystone pipeline license and suspended drilling activities on federal land and waters. Since then, a judge overturned the drilling ban and ordered the Biden administration to restart leasing activities. The U.S. government is appealing this decision. Louisiana is one of 13 energy-producing states that sued the Biden administration for a drilling ban. The state's attorney general Liz Murrill said that if the White House wants to improve the situation as soon as possible, it should "lift the handcuffs on energy producers."

Stephen Myrow, the managing partner of Beacon Policy Advisors and a former U.S. Treasury Department official, said that politically, Democrats need the economy to maintain as good a momentum as possible. At the same time, (Biden) prioritizes climate change and clean energy, and conflicts between these priorities are inevitable.

There are signs that this conflict is intensifying as the United Nations climate summit to be held in Glasgow, Scotland on November 1 approaches. According to progressive lawmakers, Biden has stated that he needs to come up with a climate change policy framework worth trillions of dollars in order to maintain "the prestige of the United States."