Biden's high price oil scheme a political liability and he is eager to see it drop

 Washington Examiner:

President Joe Biden is frustrated that massive drops in the price of crude oil are not quickly translating to lower gas prices for Americans.

Oil prices peaked around $140 per barrel after Russia first invaded Ukraine but had fallen back below $100 per barrel as of Wednesday. Still, national average gas prices have only fallen by 3 cents across that same window.

The president tweeted Wednesday morning that as "oil prices are decreasing, gas prices should too."

"Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it’s $4.31," he continued. "Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans."

...

Biden is overlooking the fact that the current inventory the gas companies are selling was bought at a higher price and they must move that product before replacing it with the lower-priced gas.   It is interesting that the price fell when the US quit buying Russian gas.  The Russians then started offering the gas at a discount to countries like India in order to get money to pay for their war in Ukraine.

See, also:

Abbott says Biden blocking Texas from providing natural gas to fix Europe energy crisis

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