(Bloomberg) — President Joe Biden celebrated falling U.S. gasoline prices in a tweet on Thursday, crediting his administration’s efforts to increase supply.
Pump prices for regular unleaded are down about 9 cents a gallon on average nationally from a month ago and about 17 cents in Kansas City, Missouri, according to AAA, the travel membership organization.
Biden last month ordered a 50 million barrel release from U.S. oil reserves, in conjunction with several allies, to combat rising prices his administration blamed on oil-exporting countries’ reluctance to pump more crude.
Biden’s coordinated efforts to tamp down prices got unexpected outside help. Oil prices took a nosedive after the discovery of the omicron variant sparked fears of renewed Covid-related lockdowns. On what is now referred to as “Black Friday,” crude fell more than 11%, suffering one of the largest ever one-day plunges.
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