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Biden pressures oil companies on gas prices

2022-10-20 08:34:11       source:Politico

October 19, 2022

President Joe Biden on Wednesday urged American oil companies to increase production and refining to bring down the price of gas for consumers.

“You should be using these record-breaking profits to increase production and refining,” Biden said during a speech at the White House. “Invest in America for the American people. Bring down the price you charge at the pump to reflect what you pay for the product.”

Biden made the plea to the oil industry while also announcing the planned release of 15 million barrels of oil from the Strategic Petroleum Reserve in December, a move aimed at bringing gas prices down. The president also outlined a plan to refill the reserve once oil prices drop to $70 a barrel, which he emphasized would allow oil companies to ramp up production now with the confidence that they’d “be able to sell their oil to us at that price in the future.”

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