Biden Says Gasoline Prices Are ‘Still Too High’ Despite Recent Drop

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Gasoline prices may be easing but they’re not falling fast enough for President Joe Biden.“It’s happening. But it’s not happening fast enough,” the president said Friday during a virtual meeting with his economic team. “We’ve made progress, but prices are still too high.”US average gasoline prices have declined for 38 days in a row this summer amid weaker demand during a summertime slowdown. A gallon of regular gasoline averaged $4.41 as of Thursday, according to auto club AAA.

Average US prices have dropped for 38 days straight

That’s a far cry from prices that topped $5 earlier this summer, but they still remain exceptionally high by historical standards and represent a very visible sign of inflation that could hurt Biden’s re-election bid in November, along with Democrat’s control of Congress.

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Biden, in remarks that were delivered virtually, repeated his call for oil companies to take advantage of unused permits to drill on federal lands — “or lose them” — and also said oil companies making record profits should use that money to increase the production of gasoline instead of stock buybacks.

“The real answer is to get to a clean energy economy as soon as possible, turn this into something positive,” Biden said.