Biden: Gas prices will fall in the US

Biden, at the meeting he held at the White House, stated that although they have made historical progress in the last 10 months, they still face difficulties in the economy.

Stating that the problems related to the COVID-19 outbreak caused disruptions in the supply chain, causing “scarcity” concerns and contributing to price increases, Biden said that the ports of Los Angeles and Long Beach, one of the largest ports in the country, started to operate 24/7 to help alleviate the congestion at the ports. reminded.

Stating that he met with the top managers of retail stores such as Walmart, Target, Home Depot and TJ Maxx, Biden stated that the number of containers on the docks decreased by 33 percent and shipping prices by 25 percent in the last 3 weeks, and that more goods were transported from the ports to the store shelves faster and cheaper.

“Less supply means higher prices”

Pointing out that another problem faced by consumers is high gasoline prices, Biden said, “This is a problem not only in the USA, but all over the world. Gasoline price has recently reached record levels in Europe and Asia.” said.

Stating that the average gasoline price in the USA is $3.40 per gallon, Biden said that gasoline prices have increased in the past and they hope to overcome this situation in the near future.

“Less supply means higher prices for oil globally,” Biden said, noting that the biggest reason Americans face high gasoline prices is that oil-producing countries and large companies do not increase their oil supply enough to meet demand. made its assessment.

Noting that he is meeting with leaders of other countries to find ways to lower oil prices, Biden said, “I am announcing the largest ever rollout from the US Strategic Petroleum Reserve to help provide the supply we need as we recover from this epidemic.” he said.

targeted oil companies

Noting that India, Japan, South Korea, the United Kingdom and China have also agreed to make available the oil in their reserves, Biden said, “This coordinated action will help us deal with the shortage of supply, thereby reducing prices.” said.

Emphasizing that these actions will not solve the problem overnight, but that there will be a decrease in the price of gasoline soon, Biden said that in the long run, they will also reduce dependence on oil by switching to clean energy.

Targeting oil companies, Biden said, “If the gap between wholesale and retail gasoline prices were in line with past averages, Americans would now be paying at least 25 cents less per gallon. Instead, companies are pocketing the difference as profits, which is unacceptable.” he said.

In a statement made by the White House today, it was reported that the US administration will offer 50 million barrels of crude oil from the strategic oil reserve against high oil prices.

Last week, US President Biden instructed the Federal Trade Commission to investigate whether fuel prices were “anti-competitive” or “illegal practice”.

Source: Dünya Gazetesi by

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