Biden: Cannot instantly reduce gasoline cost

US President Joe Biden is focused on knocking down sky-high fuel prices, but he has a limited influence to do that and the US President said he cannot take immediate action to bring them down.

The oil markets were paying attention to Biden’s plans in March when he announced a record-setting release of 180 million barrels of oil from the SPR following the disruptions caused by Russia’s invasion of Ukraine. However, the relief proved to be temporary and the price of oil is back on the rise:

Biden’s officials have been openly pleading with Big Oil to pump more despite his campaign efforts to address climate change. Yet, Biden has been draining oil from the SPR at a record pace, urging US oil and gas companies to pump more oil and trying to persuade OPEC to add supply.