President Joe Biden said Wednesday that the relationship between the price of oil and the price of gasoline is not being reflected at the pump; however, the White House’s official Twitter account sent out a tweet on Wednesday which shows the opposite of what he claimed.
Biden gave a speech Wednesday announcing measures to bring down gas prices and claimed that the oil prices were not reflecting the prices at the pump because of oil companies’ greed. However, an hour before the president’s remarks the White House tweeted a graphic that showed that when oil prices fall, gasoline prices fall. (RELATED: Biden’s October Surprise Is Even Higher Gas Prices, Experts Say)
“When the cost of oil comes down, we should see the price at the gas station — at the pump come down as well,” Biden said. “But that’s not what’s happening.”
It’s simple: When the cost of oil comes down, we should see the price at the pump come down as well. That’s how it should work.
But right now, refiners and retailers are making record profits at the expense of the vast majority of Americans. It’s unacceptable. pic.twitter.com/h3xiyEYEdv
— President Biden (@POTUS) October 19, 2022
Biden indicated that oil companies were choosing to raise gas prices to increase profits rather than help consumers and told companies to reduce the prices they charge at gas stations.
“Bring down the price you charge at the pump to reflect what you pay for the product,” Biden said.
The Biden administration has sold 165 million barrels of oil from the U.S. Strategic Petroleum Reserve for the explicit purpose of bringing down oil prices and in turn, reducing gas prices. Crude oil prices, which are governed by supply and demand, are the most important factor in determining gas prices, according to the Energy Information Administration (EIA).
When the price of Brent crude oil reached a ten-year high in June gas prices subsequently spiked to over $5 per gallon, according to the EIA. Despite falling for nearly 100 straight days since June, the average national gas price is roughly $1.48 per gallon higher than it was when Biden took office.
Biden has constantly blamed oil companies and Russian President Vladimir Putin for soaring gas prices and fuel shortages; at the same time, however, major energy executives claim that the Biden administration’s negative attitude toward the industry is discouraging investment and production, according to a June survey conducted by the Dallas Federal Reserve.
The White House did not immediately respond to the Daily Caller News Foundation’s request for comment.
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