Biden once again took aim at oil and gas companies on Monday, accusing them of squeezing consumers with high gas prices despite a drop in the price of oil.
Lipow Oil Associates president Andy Lipow provides his outlook on the oil market, telling 'The Claman Countdown' he expects gas to drop to $3.50 per gallon by October.touted the worldwide drop in oil prices on Monday but urged energy companies to lower the price at the pump for consumers.
"We haven’t seen the lower prices reflected at the pump though. Meanwhile, oil and gas companies are still making record profits, billions of dollars in profits," Biden said at a meeting with the White House Competition Council. : Bring down prices you’re charging at the pump to reflect the price you’re paying for the product. Do it now."
WTI Crude, the U.S. benchmark, was sitting at about $76.52 a barrel on Monday after steadily falling over the last three months from its high of $122.10 on June 7. Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into California Air Resources Board , gasoline, diesel fuel, and other petroleum products.
Gas prices have also steadily dropped over the past three months, with the average gallon of gas at $3.725 a gallon on Monday, according to AAA, down from a high for the year of $5.016 on June 14.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
American Airlines-JetBlue antitrust trial starts Monday with high stakes for BidenIt’s a case that could have far-reaching competition in the airline industry after decades of consolidation shrunk the market to just a handful of viable...
Read more »
Hurricane Ian spurs Florida to activate price gouging hotline as Biden, DeSantis declare state of emergencySaw an “unconscionable price” for food, water, ice, lodging and lumber in Florida as the state braces for Hurricane Ian? Here’s how you can report it.
Read more »
Biden struggles, as does his party, as most Democrats look elsewhere for 2024: POLLWith his party struggling in the midterms, his economic stewardship under fire and his overall job approval under 40%, a clear majority of Democrats in the latest ABC News/Washington Post poll say the party should replace Joe Biden as its nominee for president in 2024.
Read more »
Biden aide says US has warned Kremlin against using nuclear armsPresident Joe Biden’s administration has privately told the Kremlin that any use of nuclear weapons in the war in Ukraine would have “catastrophic consequences” for Russia, White House National Sec…
Read more »
Biden struggles, as does his party, as most Democrats look elsewhere for 2024: POLLJUST IN: 64% of Americans oppose the Supreme Court ruling overturning Roe v. Wade, including 53% who strongly oppose it, per new ABC News/WaPo poll — and the public trusts Democrats over Republicans to handle abortion by a wide 20 points.
Read more »