Biden urges energy companies to lower costs for consumers

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WASHINGTON (Reuters) – U.S. President Joe Biden on Thursday pressed the U.S. energy industry to lower costs for consumers who had been stung by high gasoline prices, citing record company profits.

“Gas prices fell by $1.30 this summer, that’s good news for families. But energy companies are making record profits and retailer margins are 30% above normal,” Biden wrote on Twitter (NYSE:TWTR). “That’s money that should be in folks’ pockets. Industry must pass savings on to consumers by lowering prices. Now.”