US President Joe Biden pledged on Tuesday that the United States would weather a jump in gasoline prices and said a coordinated withdrawal of oil reserves in a number of countries would help deal with a supply shortage.
Biden added that it does not appear that the fuel companies are passing the decline in crude prices to consumers.
He said that price increases usually recede over time, but “this does not mean that we should stand idly by and wait for prices to fall on their own.
“The measures we have taken will not help solve the oil price crisis immediately,” Biden added during a speech on the economy and price cuts.
“Coordinated global action on oil reserves will help deal with supply shortages, and action will not solve the problem overnight, but it will make a difference.”
He pointed out that prices at gas stations do not go down despite the drop in wholesale prices.
Biden emphasized that the US economy still faces challenges.
In a related context, US oil futures contracts recorded at the end of the session on Tuesday, November 23, 2021, about $78.50 a barrel, up by $1.75, or 2.28%.
Brent contracts rose, closing up $2.61, or 3.27%, at $82.31 a barrel