Biden tells gas stations to cut prices at the pump for American drivers: 'Do it now'

Joe Biden
President Joe Biden.Tom Williams/CQ-Roll Call, Inc via Getty Images
  • Biden urged gas station operators to cut prices at the pump to reflect declining global oil prices.

  • The US president said "do it now", noting it takes a long time for lower prices to be passed on.

  • He said Americans pay for the energy companies' record profits through the inflation they face.

President Joe Biden has urged gas stations to cut their prices at the pump for American drivers, as he took a jab at them for delays in passing on a drop in oil prices.

At a White House Competition Council meeting Monday, Biden highlighted a fall in crude oil prices worldwide in August, but proceeded to criticize companies for the "long time" it takes for those to show up as lower costs for gas buyers.

"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," he said.

"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.  And it's going to save people a lot of money."

Biden said Americans are paying for the profits that oil and gas companies are making through higher inflation. He has vowed to combat rising gas prices as inflation runs near 40-year highs in the US economy.

The average price of US gas hit a high above $5 a gallon in June, as oil prices surged thanks to Russia's war with Ukraine and an energy crisis in Europe.

Gas prices fell gradually after that, tracking oil prices lower as the Biden administration started releasing record amounts of crude from the US's Strategic Petroleum Reserve and demand pressures grew. Global benchmark Brent crude has dropped about 24% in the past three months, while US benchmark WTI futures have shed over 30%.

But last week, the US average gas price rose for the first time in 99 days at $3.674 on Wednesday. It now stands at $3.747 as of Tuesday, according to the AAA.

Biden's remarks echo the criticisms he launched at oil and gas companies when energy prices prices peaked. In June, he slammed energy giant Exxon Mobil for making "more money than God this year" .

Read the original article on Business Insider