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Biden blames oil companies for high fuel prices


Washington, SANA- US President Joe Biden today again accused the major oil companies of bearing part of the burden


Today, US President Joe Biden once again accused the major oil companies of bearing part of the responsibility for the issue of high fuel prices, while his administration uses all available means and its reserve stock to reduce high prices.

"Fuel prices in the wholesale market have fallen by about 10 percent over the past years, but the price at gas stations has not moved a single cent," Biden was quoted by AFP as saying at the White House, accusing companies of "earning the difference" between wholesale and retail prices.

Biden considered that unacceptable, pointing out that the fuel supply groups "pay less and profit much more", speaking of his launch of an initiative based on pumping 50 million barrels of strategic oil reserves into the American market, the largest amount ever decided to be used from this stock.

This initiative aims to reduce oil prices, which rose by 60 percent nearly a year ago.

Source: sena

All business articles on 2021-11-24

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