Biden tries to limit gasoline price blowback

Biden tries to limit gasoline price blowback

Washington, 9 May (Argus) — US president Joe Biden's administration is trying to neuter criticism that its policies are standing in the way of the oil and gas industry, as Republicans seize on high fuel prices in hope of making gains in mid-term elections in November.

Biden has given oil and gas companies at least some of what they wanted in recent months, offering his administration the chance to deflect blame for US retail regular gasoline prices hitting a record $4.22/USG in March, according to US government agency the EIA. The administration last month announced plans for its first onshore oil and gas lease sale since Biden took office, offering 580km² in nine states with a planned 18.75pc royalty rate instead of the previous rate of 12.5pc. The administration issued export licences for 3.3mn t/yr of US LNG from two projects last month, clearing out a backlog. "There are no permits that are waiting that are on US soil that I am responsible for. We have permitted everything," US energy secretary Jennifer Granholm says.

The actions come after Biden negotiated a deal in March under which EU members pledged to sign long-term deals that are expected to support the construction of a