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President Joe Biden touted falling gas prices during a virtual meeting with his economic team Friday, saying prices at the pump have “fallen every day this summer for 38 days in a row.”
Watch the president’s remarks in the player above.
“I’ve been working to make sure that when the price of oil comes down, the price at the pump comes down as well and comes down in real time,” Biden said during the meeting. “The good news is that’s happening, but it’s not happening fast enough. We’ve made progress, but prices are still too high.”
Biden said his administration willbe looking at ways to increase oil production from existing wells and permits. And he called on the U.S. oil industry to do it’s part, as well.
“My message to these companies is use the permits or lose them,” the president said. “Secondly, I’m telling the industry: you’re making record profits due to Putin’s war in Ukraine. Use those profits to increase production and refining. Don’t use those profits to buy back your stocks and dividends.”
Biden said while he plans to continue his efforts to keep gas prices falling in the U.S., the longer term answer is a “clean energy economy” that focuses on renewable energy and more affordable electric vehicles.
READ MORE: Why the U.S. inflation surge is accelerating, and when it may ease
Biden attended the meeting virtually, on a large screen, after testing positive for COVID on Thursday.
Reporters were allowed into a White House auditorium where advisers were sitting to view a few minutes of the proceedings. When they asked how Biden was feeling, he flashed a thumb’s up.
The president’s voice was noticeably lower during the meeting but he said, “I’m feeling much better than I sound.”
The president completed his first full day of Paxlovid, the antiviral therapy treatment meant to reduce the severity of COVID, and Biden’s primary symptoms were a runny noise, fatigue and a loose cough, according to Dr. Kevin O’Connor.
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