The president said he could not provide definitive answers as to how much the price of gas would fall or how soon, but estimated that prices could fall between 10 and 35 cents a gallon. The White House hopes that the release of reserves will help bridge the gap until U.S. oil producers increase production later this year. “I guess we’ll see it go down and keep going down, but how far, I don’t think anyone can say that,” he said. “And there will be a slight delay, because if you go out there and you’re a gas station and you buy ‘X’ of petrol at a certain price, you’re not going to lower the price on the pump until you can get back what you invested. And I talk about days and weeks, but it’s hard to say … But it will fall. And it could be reduced quite significantly. You could go down, best of all, anything from 10 cents to 35 cents a gallon. It’s unknown at this time. “ Reports that Mr Biden was planning to exploit stocks pushed oil prices down nearly $ 5 a barrel overnight. US crude traded at $ 101.65 a barrel on Thursday. However, the overall financial impact on drivers remains unclear. The national average for gas is $ 4.23 a gallon, according to the AAA, compared to $ 2.87 a year ago and $ 3.61 a month ago. The president criticized US oil companies for not producing the oil the country needs, while sitting at “record profits”. Domestic oil production declined during the pandemic and failed to reach pre-pandemic levels. Mr Biden proposed a “use it or lose it” policy to encourage companies to produce more oil in the short term with the resources they already have, and encouraged Congress to force companies to pay fees for unused wells on federal land. Some companies are strengthening, but others, he said, are too responsible for investors. “The bottom line is that if we want lower gas prices, we need to have more oil supply right now,” he said. “For the American oil companies that have been making the most of their oil profits for years, they have a choice. take a break by shifting some of the savings to its customers and lowering the price on the pump. beyond”. The Ministry of Energy will use the proceeds from the sale of the Strategic Oil Reserve barrels to renew the inventory when prices are lower. The US is coordinating with allies and partners around the world to eventually supply more than 1 million barrels a day. The release of 1 million barrels per day marks the largest stock release in US history.
