Biden to US Oil Firms: ‘Bring Down Petrol Prices Now’

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President, Joe Biden has called on oil companies to charge less for petrol at the pumps. Although US petrol prices have fallen from the highs of this summer, 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, are still making record profits — billions of dollars in profit.”

oil futures fell 9.2% in August. Petrol prices during the same month were also down, dipping 9.2%, according to American Automobile Association data. Still, as Mr Biden noted, petrol prices across the country remain uneven; they are substantially higher in western states due to a lack of refining capacity.
“My message is simple,” Mr Biden said. “To the companies running gas stations and those prices at the pump: bring down the prices you’re charging at the to reflect the cost you pay for the product. Do it now.”

Also Read: Oil Prices Under Pressure As Demand Concerns Mount

Mr Biden’s words echo comments he made earlier this year as average petrol prices surged, hitting more than $5 per gallon in June. The White House expended considerable effort trying to reverse the trend, including massive releases of stockpiled petroleum and a diplomatic outreach to in search of additional production.

Fuel prices have fallen since that peak by more than $1 on average, helped by the decline in international amid the impact of China’s lockdown and speculation about the effects of a global economic slowdown.

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