The New York Times’ Jim Tankersley asked the President on the last day of the NATO summit in Madrid how long American drivers would have to pay a premium for petrol. “The war has pushed prices up – they could be as high as $ 200 a barrel,” said some analysts. “How long is it fair to expect American drivers and drivers around the world to pay this premium for this war?” Tankersley asked. “As long as Russia is needed, it can not really defeat Ukraine,” said President Biden. “If we do these things – and it is estimated that we could reduce tomorrow, if they do – if Congress agreed and the states agreed, we could reduce the price of oil by about $ 1 a gallon per pump – to this range. And so we could have immediate relief in reducing the temporary abolition of the gas tax. And so, I think there are a lot of things we can do, and we will do, but the bottom line is, after all, why gas prices are going up is because of Russia. Russia, Russia, Russia, “said President Biden. The Biden administration has come under extreme pressure to cut prices for Americans. Gasoline prices began to rise in early 2021 as demand after the pandemic began to return to the internet. US refineries now operate at 95% of capacity and there are no new refineries to be commissioned in the United States. Gasoline prices jumped even higher as crude oil prices rose in the wake of Russia’s invasion of Ukraine. By Julianne Geiger for Oilprice.com More top readings from Oilprice.com:
