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Biden vows U.S. will get through spike in gasoline prices

U.S. President Joe Biden announces the release of 50 million barrels of oil from the U.S. Strategic Petroleum Reserve as part of a coordinated effort with other major economies to help ease rising gas prices as he delivers remarks on the economy and “lowering prices,” during a speech in the Eisenhower Executive Office Building’s South Court Auditorium at the White House in Washington, U.S., November 23, 2021. REUTERS/Evelyn Hockstein

WASHINGTON (Reuters) – President Joe Biden vowed on Tuesday that the United States will get through a spike in gasoline prices and said a coordinated release of oil reserves by a number of countries will help.

Biden said it did not appear that oil and gas companies were passing along a drop in crude prices to consumers. Biden said price rises typically subside over time but “it doesn’t mean that we should just stand by idly and wait for prices to drop on their own.”

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