On Thursday, U.S. President Joe Biden urged the U.S. energy industry to reduce costs for consumers affected by high fuel prices, as he cited record company profits.
“Gas prices fell by $1.30 this summer, that’s good news for families. But energy companies are making record profits and retailer margins are 30% above normal,” the U.S. President wrote on Twitter. “That’s money that should be in folks’ pockets. Industry must pass savings on to consumers by lowering prices. Now.”