[Asia Economy New York=Special Correspondent Joselgina] U.S. President Joe Biden emphasized the decline in crude oil prices on the 19th (local time) and raised his voice, urging oil refiners to lower consumer prices further.
President Biden posted a series of tweets on the issue of oil prices from the previous night through the day. He stated, "Gasoline prices have fallen by about 50 cents per gallon for 34 consecutive days," and emphasized, "This has allowed the average driver to save about $25 per month (approximately 32,725 KRW)."
He said, "I have released about 1 million barrels of oil per day from the Strategic Petroleum Reserve," and "Our measures are working, and actual prices are going down."
With the midterm elections in November approaching, soaring inflation including rising gasoline prices led to a sharp drop in approval ratings, prompting the administration to claim that recent gasoline price declines were due to their efforts. Looking at the gasoline prices linked on Twitter, the price dropped from $5.02 per gallon on the 14th of last month to $4.50 on the 19th of this month.
President Biden also continued to pressure oil refiners. He said, "Crude oil prices have fallen about 20% from the peak recorded in June, but prices at the pump have only dropped by half of that," and urged, "This is unacceptable. Now, refiners must ensure that consumers can feel the lowered prices."
He added, "When Vladimir Putin, President of Russia, invaded Ukraine, refiners quickly raised fuel prices," and emphasized, "But now, even though crude oil prices have fallen, Americans are not benefiting from it. I want to see the benefits of lower crude oil prices go to the people, not to corporate profits."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
