Authorities urged companies not to inflate fuel prices

October 3, 20220

Joe Biden warned oil and gas companies against raising prices for consumers, saying that “the hurricane is not an excuse to deceive the American people.”

Hurricane Ian hit the west coast of Florida late last week and is currently moving through the Carolinas.

Some fear the storm will rise oil prices again because many large oil platforms stationed in the Gulf of Mexico evacuated their crews ahead of the storm.

Representatives of the energy sector believe that prices will rise in the next few months. Russia’s war against Ukraine and the hurricane season threaten to destroy oil refineries on the Gulf Coast.

“Gasoline prices are determined by market forces, not individual companies, and claims that gas station price is not a function of supply and demand are false,” spokeswoman Andrea Woods said.

Benchmark US crude oil for November delivery fell 92 cents on Thursday to $81.23 a barrel. Brent crude for November delivery fell 83 cents to $88.49 a barrel.

Diesel fuel has continued to decline in price since August 29, when the average price was $5.11 per gallon. The current average price per gallon of diesel is $4.87.


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