Gas prices, oil production, electric batteries

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WASHINGTON – As gas prices remain stubbornly high before the midterms, President Joe Biden called on American companies to increase domestic oil production and unveiled a series of measures aimed at bringing down costs at the pump.

“They’re not falling fast enough. Families are hurting,” Biden said in remarks at the White House. “You’ve heard me say it before, but I get it.”

  • Biden said “we need to responsibly increase American oil production without delay or deferring our transition to clean energy.”
  • Biden urged companies to produce more now, knowing the U.S. will buy the barrels later when prices drop to what the White House projects could be $70/BBL.
  • Biden also announced he’s releasing 15 million barrels of oil from the nation’s emergency reserves, completing his March directive to release 180 million barrels throughout the year.

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