The White House is trying to counter bad news on soaring inflation by highlighting that a key driver of rising prices — the cost of gasoline — has been going down steadily for more than a month.
When asked in Saudi Arabia last week about his message to Americans looking for relief at the pump, President Joe Biden said, "there's been a real change."A Chevron gas station is seen, July 5, 2022, in Houston.The president's remark came after he met with top members of Saudi Arabia's government. He reportedly sought a commitment from the country to boost its oil production so domestic prices in the U.S. could fall further.
Saudi Arabia is a member of OPEC+3 with Russia, which the White House has frequently faulted for high energy prices due to the country's war in Ukraine. "This is important to note that the work that we have done, the work that we will continue to do is going to give relief [of] $25 a month to American families," White House press secretary Karine Jean-Pierre said.
American refineries are operating in the mid-90 percent range, even as gasoline demand has fallen. That mismatch in supply and demand will soon result in a four-million-barrel surplus per day, according to energy analytics firm ESAI Energy.Lucy Nicholson/Reuters, FILE"I'm hoping," the president said upon his return to the U.S. Saturday night when asked if inflation would fall. The remark followed Wednesday's news that inflation broke projections, rising 9.1 percent in June.
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