OIL PRICES ARE FALLING – BIG OIL COMPANIES SHOULD ENSURE PRICES AT THE PUMP FALL TOO

WASHINGTON, D.C. — In recent weeks, wholesale oil prices have fallen by more than 15%, while prices at the pump have only dropped about 3%. President Biden has repeatedly called on Big Oil to pass on their savings to consumers – instead of capitalizing on this crisis to rake in record profits and pad the pockets of their CEOs.

Tackling inflation and lowering costs for families is President Biden’s top priority, and he’s already taken significant actions to ease the pain at the pump, including authorizing historic releases from the Strategic Petroleum Reserves. As oil prices fall, it’s time for big oil companies to pass on these savings to consumers.  

President Biden is using every tool at his disposal to ease the pain at the pump, including:

• Cracking down on price gouging by big oil companies.

• Releasing one million barrels of oil from the Strategic Petroleum Reserve every day for six months – a historic move to lower prices.

• Working with international partners to release a further 240 million barrels of oil to bring down prices on the global market.

• Expanding access to biofuels like E15 to increase supply and lower prices at thousands of gas stations nationwide.

• Calling on Congress to suspend the federal gas tax.

The price of oil has dropped by more than 15% since March — and Big Oil CEOs need to do their part to pass on savings to consumers at the pump:

• Big Oil companies are raking in record profits this year, with profit margins for refining gasoline and diesel at their highest levels ever recorded.

• As major energy company leaders have themselves said, they have the resources and incentives they need to further increase production in the United States – including over 9,000 unused drilling permits on federal land – and the administration has offered to work with them to increase refining capabilities.

• President Biden has taken steps to investigate price-gouging and called on oil companies to pass on savings to consumers, who are still feeling the pain of high prices at the pump.

President Biden’s number-one priority is lowering costs for working families – not just gas prices, but the cost of other essentials as well:

• He’s fighting for his plan to lower the cost of housing, health care and prescription drugs, energy bills, child care and elder care, and more. 

• His plan fast-tracks investment in clean energy to lower the average American’s energy costs by $500 a year.

• The president’s plan to lower costs for families is fully paid for by ensuring big corporations and the ultra wealthy pay their fair share in taxes.

• MAGA extremists oppose President Biden’s fully-paid-for plan to cut costs for American families – after having voted for the previous administration’s tax giveaway, which gives 83% of benefits to the top 1% and pads the pockets of big corporations.

President Biden will continue to hold oil CEOs accountable and push them to bring down prices at the pump. The president is fighting to lower costs for families; it’s time for Big Oil to do their part.