Remarks by President Biden on Actions to Lower Gas Prices at the Pump for American Families

Excerpt: “For U.S. oil companies that are recording their largest profits in years, they have a choice.  One, they can put those profits to productive use by producing more oil, restarting idle wells, or producing on the sites they already are leasing — giving the American people a break by passing some of the savings on to their customers and lowering the price at the pump. Or they can, as some of them are doing, exploit the situation: sit back, ship those profits to their investors, and — while American families struggle to make ends meet. Look, this is a moment of consequence and peril for the world and pain at the pump for American families. It’s also a moment of patriotism.  I want to acknowledge those companies that have already announced they’re increasing immediate production.  They’re investing money to produce more oil and also clean technologies we need to reduce our dependence on oil in the future.”