Fuel prices in the US: Rising fuel prices in the US have affected President Joe Biden’s celebrity count.
Washington:
President Joe Biden is “disappointed” that major oil CEOs “show off” profits as fuel prices skyrocket for ordinary Americans, the White House said on Tuesday.
The sharp rise in gasoline costs is leading to an overall inflation problem and affecting Biden’s popularity rating.
The White House believes the oil companies may be illegally profiting and has asked the Federal Trade Commission to investigate.
In strong comments to reporters, Press Secretary Jen Psaki questioned why gas prices at gas stations are so high when crude oil prices are plummeting.
“I would say, yes, we’re disappointed. We’re disappointed that you’ve seen oil prices drop. You don’t see gas prices drop,” she said. “It doesn’t need an economist – it doesn’t need an oil market expert to realize that. That doesn’t sound right, look or smell.”
“We see oil company CEOs bragging about the profits they make when gas company prices rise,” says Psaki. “This is a real impact on the American people. It’s incredibly frustrating. That’s why the president is so focused on it.”
Last week, Biden took the unusual step of tapping America’s strategic oil reserves to pump more supply into the market. This has been done in coordination with other major consuming countries such as China and India.
So far, Biden’s attempt to appease the fuel market has had little effect. However, news of the potentially dangerous new variant of Omicron Covid-19 sent crude oil prices plummeting.
(This story has not been edited by NDTV staff and was automatically generated from the feed provided.)
