The price of crude oil is falling, yet that dip in price is not being reflected at the pump. Due to that, President Joe Biden has urged gas companies to lower their prices. Biden said “We haven’t seen the lower prices reflected at the pump though. Meanwhile, oil and gas companies are still making record profits — billions of dollars in profit.” He was telling the companies to change the price they’re charging people to better reflect the price of actually buying the crude oil. Gas prices have been falling now, after starting to massively rise early this year.
