President Biden Is Using Every Tool at His Disposal to Tackle Inflation

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President Biden is doing everything from fighting to bring down gas prices to advocating for his economic agenda to cut costs of everyday expenses

WASHINGTON, D.C. — Today marks 29 consecutive days of falling gas prices across the country, progress not reflected in this month’s CPI report. Continuing to address inflation and bring down prices is President Biden’s top priority – and while we’ve seen significant progress since last month, he knows there’s still more work to be done to bring down costs for families. Not only is President Biden working to bring down energy prices, but he has a plan to lower the cost of other essentials, including utility bills, health care, prescription drugs, and more. He’s also taken steps to investigate price gouging by Big Oil CEOs, who have raked in record profits this year instead of passing on relief to consumers at the pump.

“While today’s CPI report reflects the high energy costs we saw last month, we’ve seen gas prices come down significantly in recent weeks,” said Building Back Together Executive Director Danielle Melfi. “Under the Biden-Harris Administration’s leadership, the average price at the pump is lower than it was a month ago, and core inflation has also fallen for the third consecutive month. President Biden knows there’s still more to be done to tackle inflation, which is why he continues to use every tool at his disposal to bring down prices. President Biden is taking action to lower costs – now it’s time for Big Oil to do their part to provide relief to consumers.”

Under the Biden-Harris Administration’s leadership, gas prices are falling nationwide. The administration has taken significant action to address high energy costs in recent weeks, including:

  • 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 significantly in the last month, but the price at the pump has not fallen at the same rate. Big Oil CEOs need to do their part to pass on savings to consumers – working and middle class families shouldn’t be the first to pay and the last to benefit:

  • 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:

  • Congress must pass his plan to lower the cost of everything from prescription drug prices to utility bills to health care costs.
  • His plan fast-tracks investment in clean energy to lower the average American family’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.
  • Republicans in Congress 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 knows there’s more work to be done to bring down prices for working families, and he’s continuing to take action – including taking a stand against price gouging by Big Oil CEOs.