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I’m going to work like the devil to bring gas prices down.
That’s what U.S. President Joe Biden said during remarks on his administration’s work to lower healthcare costs recently, which were made at Germanna Community College in Virginia.
“Look, again, slight digression - inflation is up. It’s up. And coming from a family when the price of gas went up, you felt it in the household, you knew what it was like, it matters,” Biden said during the remarks.
“I’m going to work like the devil to bring gas prices down, which I’m going to - I’m working to make sure that we keep strengthening the supply chains to bring the cost of energy and everything else and the goods that come to America down by helping the ports 24/7, by changing a whole range of things,” he added.
“You know, what’s happened with Covid - Covid has caused significant increase in prices in the supply chain, because when a factory shuts down in another part of the world and you need that particular product in order to finish and build whatever you’re working on, the price goes up exponentially, like for cars,” Biden went on to say.
In a statement posted on its website on February 10, AAA noted that a decrease in total stocks and an increase in demand have contributed to upward pressure on pump prices but added that rising crude prices continued to play a dominant role in pushing pump prices higher. The organization also projected that pump prices will likely continue to follow suit as demand grows and stocks decrease if crude prices continue to climb.
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According to the AAA’s website, the current average for regular gas prices is $3.488. Yesterday’s average was $3.485, the week ago average was $3.441, the month ago average was $3.306 and the year ago average was $2.505, the AAA’s site shows.
In November last year, Biden announced that the Department of Energy would make available releases of 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans. This release is taking place in two ways, with 32 million barrels released in the form of an exchange over the next few months and 18 million barrels released in the form of a sale that Congress had previously authorized. In December 2021, the U.S. Department of Energy (DOE) revealed that it would issue a notice of sale for 18 million barrels of crude oil from the SPR on December 17.
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