UPDATED 1:50 PM PT – Sunday, July 17, 2022
White House Energy Coordinator Amos Hochstein claimed Joe Biden has brought down the price of gas across the US. In an interview on Sunday, Hochstein said releasing oil from the Strategic Petroleum Reserve stopped the surge in fuel prices.
“I expect it to come down more towards $4,” said Hochstein. “We already have many gas stations around the country that are below $4.”
Gas prices in the US have moved down to $4.53/gallon (national average), 48 cents below their all-time high in mid-June. pic.twitter.com/P8nUYXJrer
— Charlie Bilello (@charliebilello) July 17, 2022
This despite Republican lawmakers pointing out that a lot of SPR oil has been exported to Europe and China without reaching American drivers. Hochstein also attempted to blame the war in Ukraine for surging gas prices.
Hochstein added that some major oil producers in the Middle East like Saudi Arabia and the United Arab Emirates have spare capacity. He hinted that they could increase supply to the market.
“This is the fastest decline rate that we’ve seen against a major increase of oil prices during a war in Europe,” he voiced. “Where one of the parties in the war is the third largest producer in the world. So these are extraordinary circumstances. We’ve taken very tough measures to address them right away. Both of the American consumer but really for global economy, too.”
President Biden’s top economic priority is tackling inflation and bringing down the energy prices that account for half of it.
Under @POTUS’ leadership, the price of gas has decreased for 30 days in a row, and the price at the pump has gone down by about 40 cents since mid-June.
— The White House (@WhiteHouse) July 13, 2022
Over the past year, fuel prices across the US surged more than 60 percent. Economists said recent retreat in US gas prices happened due to fears of recession and the degradation of demand.
They claimed that Biden had nothing to do with it.