Biden Seeks Ways to Limit Gas Price Increase As Middle East Conflict Threatens Oil Supply

Biden administration worries that growing conflict in Middle East could increase global oil prices, so looking at ways to hold down U.S. gas prices.

Options include asking major oil producers to increase supply and U.S. companies to pump more oil.

Biden could authorize more releases from Strategic Petroleum Reserve, but it's much lower now after last year's withdrawals.

Higher gas prices could hurt Biden politically after taking credit for lower prices.

Unlike last year, measures like oil reserve releases may be less effective now at countering price spikes.