president Joe Biden Energy companies will soon be asked to pass on lower costs to consumers “immediately”. higher gas prices continues to be an overhang of his government ahead of the midterm elections.
“The profit that energy refiners are now making on each gallon of gasoline is about double what it is at this time of year, and the trade margin versus the refinery price is more than 40% above typical levels,” he said White House said.
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These inflated industry profit margins — which add more than $0.60 to the average price of a gallon of gasoline — have kept gas pump prices higher than they should be, the White House said in a statement.
“Keeping prices high even as input costs fall is unacceptable, and the President will urge companies to pass on their savings to consumers — now,” it said.
Oil prices fell on Tuesday. That United States Brent Oil Fund BNO closed over 1.5% lower during the vanguard Energy Index Fund ETF VDE 0.8% higher closed.
emergency reserves: The Biden administration plans to release 15 million barrels from US emergency reserves and is likely to consider significantly more this winter White House has said.
This will be the final oil tranche of a program launched by the White House to release a total of 180 million barrels of crude from the US dollar Strategic petroleum reserve (SPR) to combat high gas prices, which are partly due to the Russian invasion of Ukraine, the report said.
Continue reading: According to Saudi Arabia, Team Biden has asked OPEC+ to delay the exit decision by a month, but doing so would have had “negative consequences.”
