WASHINGTON -- President Joe Biden on Wednesday warned oil and gas companies against increasing prices for consumers as Hurricane Ian neared landfall along Florida's southwest coast.
"Do not, let me repeat, do not use this as an excuse to raise gasoline prices or gouge the American people," the president said.
Biden said the hurricane "provides no excuse for price increases at the pump," and if it happens he will ask federal officials to determine "whether price gouging is going on."
"America is watching. The industry should do the right thing," Biden said.
There are few signs that average gas prices jumped significantly in Florida as the hurricane approached. AAA put the statewide average at just under $3.40 a gallon, six-tenths of a cent higher than a week ago.
A 99-day run of falling pump prices nationally ended recently, with the 14-week decline the longest streak since 2015. The nationwide average price had risen above $5 a gallon -- and $6 in California -- in June as the economic recovery and an increase in travel boosted demand for gasoline and Russia's war in Ukraine caused a spike in oil prices.
Gasoline prices mostly reflect trends in global oil prices, and crude -- both the U.S. benchmark and the international Brent -- has been slumping since mid-June on growing fears of a global recession that would reduce demand for energy.
Many energy analysts believe prices are more likely to rise than fall in the next few months. But changes in sentiment about the economy, Russia's war against Ukraine and even hurricane season -- always a threat to disrupt refineries along the Gulf Coast -- make predictions uncertain.
A spokeswoman for the American Petroleum Institute, an oil industry group, said the industry is focused on "delivering fuels where they are needed most while ensuring the safety of our workforce" during the hurricane.
"Gasoline prices are determined by market forces -- not individual companies -- and claims that the price at the pump is anything but a function of supply and demand are false," spokeswoman Andrea Woods said.
Information for this article was contributed by Darlene Superville, Josh Boak and Matthew Daly of The Associated Press.
President Joe Biden speaks during the White House Conference on Hunger, Nutrition, and Health, at the Ronald Reagan Building, Wednesday, Sept. 28, 2022, in Washington. (AP Photo/Evan Vucci)
Ash Dugney views Tampa Bay on the Ballast Point Pier ahead of Hurricane Ian, Wednesday, Sept. 28, 2022, in Tampa, Fla. (AP Photo/Chris O'Meara)