Biden Seeks Ways to Limit Gas Price Increase As Middle East Conflict Threatens Oil Supply
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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.
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Options include asking major oil producers to increase supply and U.S. companies to pump more oil.
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Biden could authorize more releases from Strategic Petroleum Reserve, but it's much lower now after last year's withdrawals.
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Higher gas prices could hurt Biden politically after taking credit for lower prices.
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Unlike last year, measures like oil reserve releases may be less effective now at countering price spikes.
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