West Texas Intermediate, the U.S. benchmark, sank 1.4 percent to $117.32-a-barrel. Brent crude, the worldwide standard, fell 1 percent to $119.92.

In a letter to oil refiners, Vice President Joe Biden urged the business to work with the government to tackle the issue of gas prices averaging about $5 a barrel, according to the AP.

Fuel prices have soared this year after Russia invaded Ukraine in February, threatening supplies from one of the world’s top manufacturers. Biden admitted that international petroleum prices have plummeted, but claimed that historically strong refinery profits are making matters worse.

Energy is one of the key reasons for the fastest inflation in 40 years. The Federal Reserve, which releases its latest decision today, has reacted with a series of interest-rate rises to restrict consumer costs.

Biden asked refiners to beef up capacity, which has fallen in recent years after manufacturers had to limit supply during the Covid-19 outbreak. Last week, Biden blasted Exxon Mobil (NASDAQ: XOM) for generating “more money than God this year.”

The post Oil Prices Slumps as President Joe Biden Encouraged Refiners in the U.s. To Provide More Gasoline to Battle Record Prices at the Pump. appeared first on Best Stocks.