President Biden said Friday that gas prices are likely to fall after discussing oil production with Saudi Arabia’s crown prince Mohammed bin Salman.
After claiming 15 days ago that the oil issue had nothing to do with his visit, Biden told reporters Friday that gas prices are likely to fall in “the next couple of weeks”.
He described a private meeting with bin Salman, mentioning energy prominently, as the U.S. faces the worst inflation in 40 years, reported the New York Post.
“We had a good discussion on ensuring global energy security and adequate oil supplies to support global economic growth. And that will begin shortly,” Biden said after speaking to the prince.
“I’m doing all I can to increase the supply for the United States of America, which I expect to happen,” he added. “The Saudis share that urgency and based on our discussions today, I expect we will see further steps in the coming weeks”.
When asked how long it would be until gas prices decrease, Biden said “I suspect you won’t see that for another couple weeks”.
“And we’ll see more when we see gas stations start to lower their prices consistent with what they’re paying for the oil,” he continued.
Despite what seemed to be a happy talk Friday, Biden had said he would not ask Saudi Arabia to produce more oil.
During a June 30 press conference in Madrid, Spain, a journalist asked Biden “Do you expect to ask the crown prince or the king to increase oil production?”
“Well, first of all, that’s not the purpose of the trip … I’m not even sure; I guess I will see the king and the crown prince, but that’s not the meeting I’m going to,” the president responded.
In mid-June, gas prices hit a record high of more than $5 per gallon on average. The average is now $4.58, up from $3.12 one year ago, according to AAA.