UPDATED 4:53 PM PT – Friday, July 22, 2022
President Biden touted falling gas prices. During a virtual meeting with his economic team Friday, Biden said gas prices have fallen every day this summer for a consecutive 38 days. The average price at the pump topped $5 nationwide in June and according to Biden gas is just under $4 in over 35 states. He said the US is producing 12 million barrels of oil a day and is on track to near record highs, but claimed prices of oil and gas aren’t coming down fast enough.
Tune in as I meet virtually with my economic team on how gas prices are coming down for American families. https://t.co/ogpWg6fsJb
— President Biden (@POTUS) July 22, 2022
“I’ve been working to make sure that when the price of oil comes down, the price at the pump comes down as well and comes down in real time,” Biden said during the meeting. “The good news is that’s happening, but it’s not happening fast enough. We’ve made progress, but prices are still too high.”
Biden said his administration will be looking at ways to increase oil production from existing wells and permits. He called on the US oil industry to do its part as well.
“My message to these companies is use the permits or lose them,” he voiced. “Secondly, I’m telling the industry: you’re making record profits due to Putin’s war in Ukraine. Use those profits to increase production and refining. Don’t use those profits to buy back your stocks and dividends.”
Biden said while he plans to continue his efforts to keep gas prices falling in the US, the longer term answer is a “clean energy economy” that focuses on renewable energy and more affordable electric vehicles.
Biden affirmed his administration will continue working on ways to increase oil production from existing wells and permits.