Mike Sommers, the American Petroleum Institute president and CEO, stressed that a long-term energy strategy is needed to reduce prices.
Patrick De Haan, head of petroleum analysis at GasBuddy, weighs in after gas prices hit new all-time highs.
President Biden reacted to the data Wednesday, acknowledging that inflation is "unacceptably high," and maintaining that lowering prices for American families is his "top economic priority," while again blaming the surging numbers on COVID-19 and Russian President Vladimir Putin.Sommers stressed that the industry wants to "reduce these prices long-term for American consumers," but added that government incentives and government policies need to be put in place now.
"If we get a long-term energy strategy in place, we’ll be able to reduce American prices at the pump quickly in my view," he said.
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.
Occidental profit tops estimates on oil prices despite lower outputU.S. oil and gas producer Occidental Petroleum Corp beat Wall Street's earnings estimates and swung to a profit from a year-ago loss, buoyed by soaring oil prices.
Read more »
Commentary: Expect inflation till Fed gets toughIt’s become clear that inflation pressure will persist the rest of this year and...
Read more »
Drivers bemoan high gasoline prices with no relief in sightJust as Americans gear up for summer road trips, the price of oil remains stubbornly high, pushing prices at the gas pump to painful heights.
Read more »
Drivers bemoan high gasoline prices with no relief in sightJust as Americans gear up for summer road trips, the price of oil remains stubbornly high, pushing prices at the gas pump to painful heights.
Read more »
Drivers bemoan high gasoline prices with no relief in sightJust as Americans gear up for summer road trips, the price of oil remains stubbornly high, pushing prices at the gas pump to painful heights.
Read more »