Bring Down Pump Prices Now, Biden Says

Bring Down Pump Prices Now, Biden Says
'Do it now. Do it now. Not a month from now - do it now'.

Bring down the prices you’re charging at the pump, now.

That’s the message U.S. President Joe Biden delivered to companies running gas stations at the Third Meeting of the White House Competition Council on Monday.

“The price of oil worldwide is down … in fact, lower than any price since Putin invaded Ukraine … We haven’t seen the lower prices reflected at the pump though,” Biden stated at the meeting. 

“Meanwhile, oil and gas companies are still making record profits — billions of dollars in profit. But guess what? The price of oil comes down … don’t you think the price at the pump should come down? The price of [a] gallon of gasoline. But it takes a long time for that to happen in relative terms,” Biden added.

“My message is simple. 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. Not a month from now — do it now,” Biden continued.

When Rigzone sent an email to the American Petroleum Institute (API) asking if it had any comment on Biden’s statement, API’s SVP of Policy, Economics and Regulatory Affairs, Frank Macchiarola, replied with the below:

“Americans are looking for solutions, not political posturing. This is an industry of price takers, not price makers, and repeated in-depth investigations by the FTC have shown that changes in gasoline prices are based on market factors and not due to illegal behavior. The price at the pump that Americans are currently paying is a function of increased demand and lagging supply combined with geopolitical turmoil and policy uncertainty from Washington”.

As of September 27, the average price of regular gasoline in the U.S. is $3.747 per gallon, according to the AAA gas prices website. Yesterday’s average was $3.725 per gallon, the week ago average was $3.674 per gallon, the month ago average was $3.857 per gallon, and the year ago average was $3.189 per gallon, the AAA site shows.

The highest recorded average price of regular unleaded in the U.S. was seen on June 14 at $5.016 per gallon, the AAA site outlines.

To contact the author, email andreas.exarheas@rigzone.com



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