The president will also call on states to temporarily suspend state fuel taxes, which are often higher than federal rates, and he will challenge major oil companies to bring back idled refining capacity.
Particularly galling to the White House is the jump in industry stock buybacks, returning to investors profits that the administration wants invested in more refining capacity to bring gasoline prices down.
Biden's plan to unveil a package to spur recovery in Latin America, help stem immigration and counter China's growing regional economic clout has been marred by Washington's decision to exclude Cuba, Venezuela and Nicaragua from the summit.
June 08, 2022 06:48 AM
By Dave Graham, Matt Spetalnick and Daina Beth Solomon / Reuters