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Biden demands faster drop in gas prices as oil costs fall

“Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans,”...
“Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans,” the president said in a tweet.(CNN Newsource)
Published: Mar. 16, 2022 at 6:57 AM MST
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(CNN) - President Joe Biden is demanding a faster drop in gas prices.

Biden took to Twitter to call out the tendency for gasoline prices to go up like a rocket when oil spikes but only drop like a feather when crude crashes.

It is a bid to draw scrutiny to a decades-long trend that critics say hurts consumers by failing to pass savings along to drivers.

“Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans,” the president said in a tweet.

The administration’s focus on the intricacies of energy prices shows its level of frustration with one of the main drivers of inflation.

Gas prices skyrocketed to record highs last week after a spike in crude oil to levels unseen since 2008.

Prices at the gas pump are now going down, but only a penny or two at a time this week, despite Brent oil collapsing by 28% between a March 6 intraday peak to Tuesday’s close.

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