Biden Calls on Energy Companies to Reduce Prices for Consumers

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.”