President Joe Biden told oil producers on Wednesday to immediately cut costs for Americans as gas prices exceeded $5 a gallon in some parts of the country.
Biden in a Wednesday morning letter to the heads of top oil and gas companies said Russia’s war against Ukraine is only partly responsible for the “sharp rise in gasoline prices” and asked them to work with his administration to increase the supply of gasoline to Americans.
“There is no question that Vladimir Putin is principally responsible for the intense financial pain the American people and their families are bearing,” Biden wrote, “But amid a war that has raised gasoline prices more than $1.70 per gallon, historically high refinery profit margins are worsening that pain.”
It was the White House’s latest effort to demonstrate to Americans that Biden, who lacks the authority to enforce the directive to oil executives, is working to reduce elevated levels of inflation. The annual inflation rate climbed by 8.6.% in May, according to the consumer price index report released last week.
R&I ~KC
LivinInTheUSA
Article URL : https://www.usatoday.com/story/news/politics/2022/06/15/biden-oil-execs-gas-prices-americans/7631953001/