The White House has emphasised that no oil producer in the world should hold back production while demand is rising, emphasising that the US administration has left “all options on the table” to handle high oil and gasoline prices, including the use of every legal and regulatory tool available.

On Tuesday, the White House Press Secretary, Jen Psaki, said: “Nobody should hold back supply at the expense of the American consumer, particularly as the recovery from the pandemic continues, and oil producers around the world have the capacity to produce at levels that match demand and reduce the high prices. That is what we are going to continue to convey.”

He went on to say that the Biden administration is in talks with oil-producing countries about potential production increases, while the US is talking to oil-consuming countries about strategic reserve releases.

Apart from talks with oil-producing and oil-consuming nations, the U.S. is “looking at every legal and regulatory authority we have available to ensure consumers are protected.”

“That means responding to any sign of manipulation in the oil commodities markets or gauging at the pump,” he added.