Biden warns of raising fuel price on Hurricane Ian

“America’s watching. The industry should do the right thing”, US President Joe Biden said, on Wednesday, stressing that the federal government will investigate price gouging if fuel prices rise during the hurricane.

Biden said only 190,000 barrels of oil have been impacted so far by Hurricane Ian. Biden also warned oil and fuel companies not to exploit Hurricane Ian as an excuse to hike prices at the fuel pump as the Category 4 storm beat into Florida.

“Do not – let me repeat – do not use this as an excuse to raise gasoline price or gauge the American people,” Biden said in a speech at the White House.
Oil prices rose on Wednesday for a second day, rebounding from recent losses as the US dollar eased off recent gains and US fuel inventory reading showed larger-than-expected drawdowns and a rebound in consumer demand.

Brent crude futures are settling at $87.60 per barrel versus Tuesday’s closing price of $84.26, after it earlier recorded $89.32 per barrel during the US session. WTI crude futures are trading at $81.80 retreating from the $82.15 earlier on Wednesday.

Analysts said oil prices, down more than 22% during the third quarter, may be bottoming out as Chinese demand shows signs of rebounding and the US sales of strategic reserves come to a close.