By Jarrett Renshaw

(Reuters) – According to two people familiar with the matter, U.S. oil- and gas producers have been in contact with the White House to discuss ways to lower rising fuel prices.

Worldwide energy prices are on the rise, and in some instances this is causing shortages in key economies such as India or China. The average cost per gallon for gasoline in the United States is now at its seven-year peak. Winter fuel prices are forecast to rise, according to U.S. Energy Department. The nation’s highest oil-and gas production is still below 2019.

We are monitoring both the price of oil and gas that Americans pay at the pumps. We are using every tool we have to deal with anti-competitive practice in U.S., global energy markets to ensure reliable energy markets,” said a White House official. However, it did not say whether or not the White House has been in touch.

Oil recently reached $80 per barrel, the highest price in seven years. This was because the Organization of the Petroleum Exporting Countries (OPEC+) and its allies restricted production.

According to AAA data, the average retail price for a gallon gasoline is now $3.29. On Wednesday, the U.S. Energy Department stated that heating costs for households will increase dramatically in winter.

U.S. oil output has not seen a significant increase since 2020 when it dropped due to the coronavirus epidemic. The production reached a new record high of almost 13 million barrels per hour (bpd), but Wednesday’s U.S. Energy Department statement said that the average U.S. oil output in 2021 will be 11 million barrels, and rise to 11.75 million in 2022.

prices are up sharply this year, the result of supply shortages and stronger-than-expected demand in Europe and Asia.

The administration of President Joe Biden has been having internal talks about the rising cost of fuel, according to one source.

U.S. Shale producers are responsible for the explosion in crude oil production over the past 10 years. However, they have been reluctant to drill more for oil in recent years due to years of poor financial performance. Instead, they have focused on reducing spending in order to increase returns to investors.