President Joe Biden urged gas stations to cut their prices for American drivers as he took a jab at them for not passing on a drop in oil prices.
At a White House Competition Council meeting Monday, Biden criticized companies for taking a long time to lower their gas prices, even though crude oil prices fell in August.
Oil and gas companies are making billions of dollars in profit despite the lower prices at the pump.
My message is easy to understand. The prices at the pump should reflect the cost of the product, not the price.
It will save people a lot of money if they do it now.
Oil and gas companies are making a lot of money because of higher inflation. As inflation runs near 40-year highs in the US economy, he vows to fight rising gas prices.
In June, the average price of gas in the US hit a high above $5 a gallon, as the price of oil went up.
After the Biden administration started releasing record amounts of crude from the US's Strategic Petroleum Reserve, gas prices began to fall. In the past three months, global and US benchmark crudes have both fallen.
The US average gas price went up for the first time in 99 days on Wednesday. As of Tuesday, it was at $3.747
When energy prices peaked, Biden criticized the companies. He said Exxon Mobil made more money than God this year.
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