NEW: CNN: “Biden demands faster drop in gas prices as oil tumbles”

March 16, 2022

Today, a new report from CNN highlights the Biden-Harris administration’s call on oil and gas companies to lower costs and stop profiteering off of hardworking Americans. As Putin’s unprovoked attack on Ukraine has sent tremors throughout global markets and driven up energy prices and Republicans spout unfounded and incorrect claims about America’s energy independence, President Biden is pushing oil and gas companies to lower prices at the pump.

Read highlights below:

CNN: Biden demands faster drop in gas prices as oil tumbles

By Matt Egan

  • President Joe Biden is using his bully pulpit 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.
  • Biden fired off a tweet Wednesday morning highlighting the painfully slow decline in gasoline prices in a bid to draw scrutiny to a decades-long trend that critics say hurts consumers by failing to pass savings along to drivers.
  • “Oil prices are decreasing, gas prices should too,” Biden said on Twitter. “Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it’s $4.31. Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.”
  • Prices at the gas pump are going down — but only very gradually. The national average for regular gas dipped to $4.31 a gallon on Wednesday, according to AAA. That’s down a penny from Tuesday and two pennies from Monday.
  • That’s despite the fact that Brent oil collapsed by 28% between the March 6 intraday peak and Tuesday’s close.


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