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 appeared frustrated that some Americans continue blaming his environmental agenda for higher gas prices, dismissing it as a “myth.”
“My effort to combat climate change is not raising the price of gas, what it’s doing is increasing the availability of jobs,” Biden insisted.
He claimed his government subsidies for green energy and electric cars would only help Americans get jobs and save more money.
“Let’s do that. Let’s beat climate change. With more extensive innovation and opportunities,” Biden said, claiming the economy would be “less vulnerable to these kinds of price hikes” on fossil fuels.
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.
Domestic oil production was on a steady rise in the United States when former president Donald Trump was in office until the coronavirus pandemic hit. Domestic oil production continues to lag even though the demand for oil has recovered.
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.
The president has also resisted leveling an export ban of oil from the United States or loosening blending regulations and standards to alleviate the cost of production.
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. It will take time, but before long, you should see the price of gas drop where you fill up your tank.”
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.