President Joe Biden called on gas station owners to immediately lower gas prices because oil companies are “making record profits” during a White House meeting on Monday.
Biden said that the oil prices dropped last month and told gas station owners to bring down prices at the pump to reflect the drop. Biden also criticized the oil companies that run gas stations for profiting off increased fuel costs; however, gas stations make only a 10 to 15-cent profit per each gallon of gas that they sell, according to The National Association Of Convenience Stores. (RELATED: Biden Admin To Continue Draining Oil From Strategic Reserves Through Election Day)
“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,” Biden said. “Do it now.”
Biden touted his efforts to bring the price of gas down by $1.30 since June when the average gas price across the nation was more than $5 per gallon. Gas prices are currently on the rise after falling for 98 straight days, and Treasury Secretary Janet Yellen warned on Sept. 11 that gas prices may increase during the winter months.
Gas prices are roughly 57 cents higher than they were in September 2021, according to AAA data.
SIGNAL HILL, CA – SEPTEMBER 21: A Chevron gas station sign shows gas prices on September 21, 2022 in Signal Hill, California. Gas prices have increased for the first time in almost 100 days. (Photo by Allison Dinner/Getty Images)
The Biden administration has rapidly drained the U.S. Strategic Petroleum Reserve (SPR) since the end of March to bring down gas prices.
The White House wants to lower gas prices ahead of the midterm elections as it believes that prices at the pump directly affect voters’ perception of the economy, according to Politico. The administration will continue to release oil from the emergency stockpile past election day, according to a Department of Energy announcement.
The White House did not immediately respond to the Daily Caller News Foundation’s request for comment.
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