Biden: setting a ceiling on Russian oil prices will reduce the price of gasoline

US President Joe Biden said that limiting the price of Russian oil would allow the US to lower fuel prices in the country.

Biden pointed out during a meeting with his aides on Friday that gasoline prices have fallen for 38 consecutive days, adding that this was as a result of his administration’s move to boost U.S. oil production and remove it from the strategic reserve.

Biden said: “We sleep until the price of gas at gas stations drops, as the price of oil drops … The good news is that this is happening, but not fast enough. still high.”

He added that the administration should consider additional steps in this regard, urging companies to take advantage of “record profits” to develop manufacturing and processing capacity.

He continued: “This is a comprehensive ceiling on the price of Russian oil, which I persuaded our partners to agree to last month during the G7 meeting. This will increase supply and reduce Putin’s imports.”

He stressed that in the coming weeks he will “do everything in his power” to reduce fuel prices.

Source: TASS

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