Biden Takes Aim at Big Oil Amid Accusations of Price Gouging (1)

Oil prices may have eased, but gasoline at the pump hasn’t -- a familiar problem for the Biden administration grappling with elevated inflation in the U.S.

West Texas Intermediate crude futures, the U.S. benchmark, have dropped from multi-year highs above $120 a barrel touched after Russia’s invasion of Ukraine, but the national average for retail prices is still above $4 a gallon. The near record-high price levels pose a significant issue for President Joe Biden as he looks to provide relief for American households struggling with soaring energy costs. A second planned release from the Strategic Petroleum Reserve this ...