In an attempt to tackle surging gasoline prices in the country, US President Joe Biden decided to ignore the basic laws of economics and demanded that oil companies reduce their selling prices.
The head of the United States instructed officials in charge of economic issues to put pressure on the energy industry, which was solemnly presented by the White House press office as a new phase in the inflation fight. According to the Biden administration, there is no point in reinventing the wheel and this move would be enough to lower gasoline prices. The report also says that Joe Biden and US Vice President Kamala Harris met at the White House with Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo to discuss developments in the global economy.
"The US economic strategy, focused on long-term growth and investment, increased manufacturing, and fiscal discipline, has positioned our country to navigate challenging global times from the strongest possible position," the statement reads.
It also states that the US President reiterated his commitment to bring down prices "with the goal of transitioning to more stable growth without giving up our historic economic gains."