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Please note!
This fact brief was originally published as an experiment to test the concepts behind fact briefs.
Readers should be aware that while there is still a lot of useful information in fact briefs like this one, not all of them reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date, don't hesitate to contact us at support@gigafact.org.
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FACT BRIEF

Is it the policy of the Biden administration to raise fossil fuel prices?

By Jacob Alabab-Moser
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NO

While Biden advocates transitioning away from fossil fuels, his current policies aim to lower rather than raise oil prices to combat price pressures from pandemic-related supply-chain issues and the Russian invasion of Ukraine.

On March 31, 2022, Biden acknowledged the need to increase domestic oil supplies to temper prices. Pointing out that some oil companies are refusing to increase production given the higher profits they're enjoying from the shortage, he authorized the release of a million barrels of oil a day for the next six months from the Strategic Petroleum Reserve. He also secured commitments from other countries to "release tens of millions of additional barrels into the market." Thirdly, he called on Congress to fine companies who are collectively "sitting on nearly 9,000 unused but approved permits for production on federal lands."

Biden clarified that his long-term goal remains establishing a clean-energy economy to secure permanent energy independence and combat climate change. He, along with many economists and oil-industry players, do support a carbon tax.

This fact brief is responsive to conversations such as this one.
Sources
White House Remarks by President Biden on actions to lower gas prices at the pump for American families
Bloomberg White House-Backed Carbon Tax in Sight for Biden’s Climate Bill
ABOUT THE CONTRIBUTOR
Gigafact
Between 2020 and 2022, under close editorial supervision, Gigafact contracted a group of freelance writers and editors to test the concepts for fact briefs and provide inputs to our software development process. We call this effort Gigafact Foundry. Over the course of these two years, Gigafact Foundry writers published over 1500 fact briefs in response to claims they found online. Their important work forms the basis of Gigafact formats and editorial guidelines, and is available to the public on Gigafact.org. Readers should be aware that while there is still a lot of relevant information to be found, not all fact briefs produced by Gigafact Foundry reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date and need to be looked at with fresh eyes, don't hesitate to contact us at support@gigafact.org.
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About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.