Gas Prices in the US: Joe Biden Pleads for Price Drop Amid Decline in Crude Oil Costs

President Joe Biden on Wednesday pleaded with the gas companies to do their part in lowering the prices at the pump while the oil prices went down.

"It's time for gas retailers to pass the cost declines they're feeling in the market onto American families at the pump," Biden underscored in a tweet.

The president also attached a graph showing that the spot price of oil went down from nearly $4.90 on June 6 to almost $3.50 on July 12. Meanwhile, the price of gas was only reduced to $4.70 from almost $5.10 per gallon.

According to Yahoo! Finance, gas prices in the U.S. pumps peaked at around $5.02 per gallon in mid-June.

A day before Biden made his plea on Twitter, a senior White House official, who was not named, said that a drop in wholesale gas prices suggests retail prices could drop by $0.50 per gallon in the coming weeks.

"We've seen the price of oil fall to a range of $100 per barrel, and we have not yet seen gas prices at the pump fall to levels consistent with oil prices in that range," the White House official pointed out.

Joe Biden on Gas Prices in the U.S.

It was not the first time President Biden called on private companies to lower the gas prices at the pumps. Last week, Biden also took to Twitter to send a message to the companies running gas stations and emphasize that the world is currently in a time of "war and global peril."

"Bring down the price you are charging at the pump to reflect the cost you're paying for the product. And do it now," Biden emphasized.

Amazon CEO Jeff Bezos shot back at Biden on Twitter during that time, claiming what the president did was a "misdirection or misunderstanding of market dynamics."

However, White House Press Secretary Karine Jean-Pierre defended President Joe Biden, stressing that what is happening is a "market that is failing the American consumer."

In an interview with Fox News, National Security Council's coordinator for strategic communications, John Kirby, also backed Biden, claiming that the president is working "very, very hard" to bring fuel prices down.

Gas Prices in the U.S.

On Wednesday, the American Automobile Association (AAA) recorded the national gas price average amounting to $4.631 per gallon. The said amount went down from the price average yesterday amounting to $4.655 per gallon. On the same date a year ago, the regular gas prices in the U.S. amounted to $3.146.

California remains to be the state with the highest gas prices amounting to $6.027 per gallon. Hawaii comes second with $5.607, and Alaska comes third with $5.443.

This article is owned by Latin Post.

Written By: Joshua Summers

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