US President Joe Biden has repeatedly urged oil corporations to reduce the price of gasoline at the pump.
Although US gasoline prices have decreased from their summer highs, Mr. Biden is still plainly feeling the effects of them.
At a White House Competition Council meeting, he stated, “The price of oil worldwide is down last month.
“However, we haven’t seen the decreasing costs at the pump. Oil and gas firms continue to report record earnings in the billions of dollars.
US oil futures experienced a 9.2% decline in August. According to the American Automobile Association, gas prices decreased by 9.2% in the same month.
However, as Mr. Biden pointed out, gas prices remain uneven across the nation; they are significantly higher in western regions as a result of a lack of refining capacity.
Mr. Biden remarked, “My message is straightforward. Bring down the prices you’re charging at the pump to match the price you pay for the product, I’m saying to the companies running the gas stations and establishing those rates at the pump. Do it now.
The remarks made by Mr. Biden this year coincide with the rise in the average US gasoline price, which reached more than $5 per gallon in June. The White House put a lot of effort into trying to stop the trend, which included enormous releases of petroleum that had been stored and diplomatic outreach to Saudi Arabia in pursuit of more production.
Since that peak, fuel prices have decreased by an average of more than $1. This decrease has been facilitated by a drop in international oil prices that has coincided with China’s Covid-19 lockdown and concerns about the potential effects of a global economic slowdown.