Explainer: In Gasoline-guzzling US, High Pump Prices can be Political Poison

The average U.S. retail gasoline price is $3.41 a gallon, up from $2.11 a year ago, according to the American Automobile Association.

Steve Holland and Diane Bartz, Reuters
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The average U.S. retail gasoline price is $3.41 a gallon, up from $2.11 a year ago, according to the American Automobile Association.(Source: CHARAN RATTANASUPPHASIRI/Shutterstock.com)

President Joe Biden launched an aggressive attack on gasoline prices last week, enlisting China and other nations in a possible joint release of oil reserves, and sharpening a probe into oil giants' pricing.

The efforts may have limited impact on prices at the pump, experts say, but doing nothing would be a political mistake as gasoline prices hit a seven-year high.

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