“Oil prices are decreasing, gas prices should too,” Biden said on Twitter. “Last time oil was $96 a barrel, gas was $3.62 a gallon. Now it’s $4.31. Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.”

The administration’s focus on the intricacies of energy prices shows the level of frustration inside the White House with one of the central drivers of high inflation.

Prices at the gas pump are going down — but only very gradually. The national average for regular gas dipped to $4.31 a gallon on Wednesday, according to AAA. That’s down a penny from Tuesday and two pennies from Monday.
That’s despite the fact that Brent oil collapsed by 28% between the March 6 intraday peak and Tuesday’s close.

‘It just seems to take a long time’

This is nothing new. The industry even has a nickname for this practice: Rockets and feathers.

“This has been going on for 40 years,” Andy Lipow, president of consulting…

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