The US energy envoy said he was confident that Gulf producers would increase oil output after meeting with regional leaders.
Amos Hochstein, the State Department's senior adviser for energy security, said on CBS's "Face the Nation" that he was confident that there would be more steps in the coming weeks.
Hochstein was part of the delegation that traveled with Biden.
He said it wasn't just about Saudi. There is more capacity available. Increased production is possible.
During his visit last week, Biden said that he expected more oil supply increases by Saudi Arabia. Saudi officials said that any decision to pump more would be made in the framework of the upcoming decision-making meeting of the Organization of the Petroleum Exporting Countries.
The US average retail price of gasoline went to a record $5 per gallon in June, but then retreated due to concerns about the US economy. The average price for a gallon of gas was $4.53 on Sunday.
The price of gas should decline further, according to the White House economic adviser.
Bernstein thinks gas prices will track down for the rest of the month. The oil price is down 20% and the wholesale price is down as well.
The price of oil fell below $100 a barrel for the first time in four months.
He said he would refer you to Saudi Arabia for more information after seeing that it would increase its capacity for all production.
The cost of gas has come down but is still too high for Americans who are dealing with rising food and energy prices.
He said that the decline was not enough to deliver the relief to family budgets that they needed.
Democrats and the Biden administration are facing inflation as a political issue. While Russia's war on Ukraine has hurt energy markets, Biden has criticized oil and gas companies for their high profits.
Bernstein said that they helped the companies to the tune of billions of dollars. Some of the profit should be shared with the American people.
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