US President Joe Biden has repeatedly urged oil companies to reduce the price of fuel at the pump. Although US fuel prices have fallen from their summer highs, they are clearly still weighing on Mr. Biden.
“Last month, the price of oil worldwide is down,” he said at a meeting of the White House Competition Council. “We haven’t seen the lower prices reflected at the pump, though. Meanwhile, oil and gas companies are still making record profits — billions of dollars in profit.”
In August, US oil futures fell 9.2 percent. According to American Automobile Association data, fuel prices fell 9.2 percent during the same month. Still, as Mr. Biden pointed out, petrol prices remain uneven across the country, with western states paying significantly more due to a lack of refining capacity.
“My message is simple,” Mr. Biden said. “To the companies running gas stations and setting those prices at the pump: bring down the prices you’re charging at the pump to reflect the cost you pay for the product. Do it now.” “Do it now. Do it now. Not a month from now — do it now. And it’s going to save people a lot of money.”
Mr. Biden’s remarks echo those he made earlier this year as average US fuel prices rose to more than $5 per gallon in June. The White House made significant efforts to reverse the trend, including massive releases of stockpiled petroleum and diplomatic outreach to Saudi Arabia in search of additional output.
Fuel prices have fallen by more than $1 on average since that peak, helped by a decrease in international oil prices as a result of China’s Covid-19 lockdown and speculation about the effects of a global economic slowdown.