President Joe Biden promoted his efforts to lower gas prices on Tuesday, but he reminded Americans they would save more money on gas if they owned electric cars.
"For the hundreds of thousands of folks who bought one of those electric cars, they're going to save $800 to $1000 in fuel costs this year," Biden said, referring to the $112,595 electric Hummer pickup he test drove at a General Motors factory in Detroit earlier this month.
The president notably suspended all federal leases on oil and gas and shut down the Keystone XL pipeline after taking office, which hurt the amount of domestic oil production.
Biden still has no plan to increase the domestic production of oil, but he frequently complains that OPEC+ nations are not releasing enough oil to the world.
Biden announced plans to release 50 million gallons of oil from the Strategic Oil Reserves to help lower prices but cautioned Americans it would take a while to have an effect on gas prices.
"While our combined actions will not solve the problem of high gas prices overnight, it will make a difference," he said.
Biden's efforts did not immediately have the desired effect on the oil market as prices rose over three percent per barrel on Tuesday morning after his announcement.
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Tuesday, November 23, 2021
Biden on High Gas Prices: You Can Save Money if You Buy Electric Cars
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