US President Joe Biden keeps putting the blame on Russia for soaring gasoline prices in the US. Yet, Biden has come up with an idea on how to bring down the price of gas at the pump. The US leader is sure that imposing a price cap on Russian oil is the key to lowering fuel prices in the United States. In his opinion, this measure will definitely help ease the pressure on energy costs. Other measures taken by Biden's administration included the increase in crude production and the release of oil from the Strategic Petroleum Reserve. Thanks to these steps, the price of gasoline in the US declined within 38 days. At the same time, Biden admits that fuel prices are still high and are not falling fast enough. The president also addressed local oil companies, urging them to use those record profits they are gaining to increase production and refining. “We’ll talk about a global price cap on Russian oil — that I got our partners to agree to last month at the G7 — that will keep supply up and Putin’s revenues down,” Joe Biden added.
