This morning, President Biden called on oil and gas companies to lower the cost of gas prices as oil prices decline.
President Biden is making it clear: gas and oil companies should be held accountable for raising gas prices on the American people as oil prices decrease. Meanwhile, Republicans continue to try to have it both ways on gas prices – supporting President Biden’s ban on imports of Russian oil amid Putin’s unprovoked war on Ukraine while blaming the Biden administration for Putin’s price hike.
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By Matt Egan
President Joe Biden is using his bully pulpit to call out the tendency for gasoline prices to go up like a rocket when oil spikes, but only drop like a feather when crude crashes.
Biden fired off a tweet Wednesday morning highlighting the painfully slow decline in gasoline prices in a bid to draw scrutiny to a decades-long trend that critics say hurts consumers by failing to pass savings along to drivers.
“Oil prices are decreasing, gas prices should too,” Biden said on Twitter. “Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it’s $4.31. Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.”
The administration’s focus on the intricacies of energy prices shows the level of frustration inside the White House with one of the central drivers of high inflation.
Gas prices skyrocketed to record highs last week, following a spike in crude oil to levels unseen since 2008.
Prices at the gas pump are going down — but only very gradually. The national average for regular gas dipped to $4.31 a gallon on Wednesday, according to AAA. That’s down a penny from Tuesday and two pennies from Monday.
That’s despite the fact that Brent oil collapsed by 28% between the March 6 intraday peak and Tuesday’s close.