“Gas prices are coming down. In fact, gas prices have fallen every day this summer for 38 days in a row,” President Biden said.
Biden met virtually with his economic team about gas prices lowering and what needs to be done next.
“We’re gonna look at ways to increase oil production from the existing wells and permits that exist today. The industry has more approved permits for production on federal land than they can possibly use. We’ll talk about a global price cap on Russian oil that I got our partners to agree to last month at the G7, that will keep supply up and Putin’s revenues down.”
Biden also had a message for gas companies:
“I’m telling the industry: you’re making record profits due to Putin’s war in Ukraine. Use those profits to increase production and refining. Don’t use those profits to buy back your stocks and dividends.”
Click to listen to the report from AURN Washington Correspondent Ebony McMorris:
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