US President Joe Biden requests oil firms to increase production, share profits with consumers

After announcingthe release of15 million barrels of oil from the US strategic petroleum, president Joe Biden has urged oil firms to share their enormous profits with customers.

Biden further claimed that the global rise in oil prices has been caused by the Russian invasion of Ukraine and declared that his government is making efforts to keep the gas prices in control. The president said that the gas prices decreased each day, last week.

Add WION as a Preferred Source

Biden in his speech said, "That’s progress, but they’re not falling fast enough. Gas prices are felt in almost every family in this country. That’s why I’ve been doing everything in my power to reduce gas prices."

The president further requested assistance from oil refineries. Biden requested six biggest US oil firms recorded profits of nearly $70 billion for Q2.

"My message to all companies is this: you’re sitting on record profits. And we’re giving you more certainty. You can act now to increase oil production. You should not be using your profits to buy back stock or for dividends – not while the war is raging," he said.

This news comes after the OPEC+ countries, which produce oil, announced they would reduce output, the White House officials reported.

According to the Energy Information Administration, the 15 million barrel release will not be sufficient to meet US oil consumption for each day.

The oil sector wants the government to authorise the construction of pipelines to expand access to federal lands for drilling and remove recent tax hikes.

In response to this, the administration claims that the oil industry is sitting on hundreds of unused federal leases and assets.

As the midterm elections are on their way, the Biden administrationis working to control gas prices.

(With inputs from agencies)

WATCH WION LIVE HERE