Mike Sommers, the American Petroleum Institute president and CEO, stressed that a long-term energy strategy is needed to reduce prices.
Patrick De Haan, head of petroleum analysis at GasBuddy, weighs in after gas prices hit new all-time highs.
President Biden reacted to the data Wednesday, acknowledging that inflation is "unacceptably high," and maintaining that lowering prices for American families is his "top economic priority," while again blaming the surging numbers on COVID-19 and Russian President Vladimir Putin.Sommers stressed that the industry wants to "reduce these prices long-term for American consumers," but added that government incentives and government policies need to be put in place now.
"If we get a long-term energy strategy in place, we’ll be able to reduce American prices at the pump quickly in my view," he said.
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