"Soon you will see the price of gasoline fall," Biden said

Pumping oil from US strategic reserves is a “significant initiative” that will “make a difference” in terms of the price of fuel, which has skyrocketed, US President Joe Biden assured tonight.

Read more: US: Releases 50 million barrels from strategic reserves

“It will take time but you will soon see the price of petrol go down,” Biden said.

The United States and other countries, in a coordinated, unprecedented initiative, have decided to release millions of barrels of their strategic reserves in an effort to reduce the price of black gold in the markets.

Biden commented that prices usually fall over time, but “this does not mean that we should just wait for them to fall on their own, without doing anything.”

The American president pointed out that although the price of wholesale has decreased, the price of fuel in gas stations does not fall accordingly. He even called it “unacceptable” for oil companies to encapsulate the difference between the wholesale and retail prices.

Biden also said that efforts to tackle climate change were not responsible for rising gas prices.

Source: ΑΠΕ-ΜΠΕ

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