FX.co ★ Biden urges major oil producers to boost production

In Russia, which is the world’s leader in oil reserves, the price of gasoline does not depend on the price of oil and is constantly rising. However, US President Joe Biden does not agree with this. He is sure that a decrease in the cost of oil should lead to a decrease in the price of gasoline. From this perspective, the US President appealed to the world's leading exporters to stop cutting oil production. He is confident that this will help make gasoline cheaper and accelerate the global economic recovery. “That's not what you'd expect in a competitive market. We are taking action to address gas prices as well. Today, gas prices are lower than they were early in this decade. But they’re still high enough to create a pinch on working families,” Biden said. The President noted that the US would monitor the gasoline market and address any illegal conduct that might be contributing to price increases for consumers at the pump. He also added that he was not going to raise taxes on this type of fuel.