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You can save money if you buy electric cars

President Joe Biden promoted his efforts to lower gasoline prices on Tuesday, but reminded Americans they would save more money on gasoline if they had electric cars.

“For the hundreds of thousands of people who bought one of these electric cars, they’re going to save between $ 800 and $ 1,000 in fuel this year,” Biden said, referring to the $ 112,595 Hummer electric pickup. which he tested in a General Motors plant. in Detroit earlier this month.

The president appeared frustrated that some Americans continued to blame his environmental program for rising gas prices, calling it a “myth.”

“My effort to fight climate change does not increase the price of gas, it increases the availability of jobs,” Biden insisted.

He claimed his government subsidies for green power and electric cars would only help Americans find jobs and save more money.

“Let’s do this. Let’s beat climate change. With more innovation and opportunities,” Biden said, saying the economy would be “less vulnerable to this kind of price hike” for fossil fuels.

Among other things, the president suspended all federal oil and gas leases and shut down the Keystone XL pipeline after he took office, which hurt the amount of national oil production.

National oil production peaked in December 2019, when former President Donald Trump was in power and has yet to recover from the coronavirus pandemic.

Biden still doesn’t have a plan to increase domestic oil production, but he frequently complains that OPEC + countries are not releasing enough oil to the world.

The president has also resisted a ban on oil exports from the United States or the relaxation of regulations and blending standards to reduce production costs.

Biden announced plans to release 50 million gallons of oil from strategic oil reserves to help lower prices, but warned Americans it would take some time 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 a while, but before long you should see the price of gasoline drop where you refuel.

Biden’s efforts did not immediately have the desired effect in the oil market, with prices rising more than 3% per barrel on Tuesday morning after his announcement.

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