In his first public appearance since testing positive for COVID-19, President Joe Biden met virtually with members of his economic team to tout dropping gas prices, which he proudly said have “fallen every day this summer for 38 days in a row.”

What You Need To Know

  • President Joe Biden met virtually with members of his economic team to discuss gas prices in his first public appearance since testing positive for COVID-19

  • Biden proudly touted that gas prices have "fallen every day this summer for 38 days in a row," but acknowledged that they're "still too high"

  • According to AAA, the average price of a regular gallon of unleaded gas is $4.41, dropping by roughly 60 cents since hitting an all-time high of $5 per gallon in June

  • The president called on oil companies to step up and said his administration is working on ways to ramp up domestic oil production

According to AAA, the average price of a regular gallon of unleaded gas is $4.41, more than 50 cents lower than the price a month ago and 16 cents lower than last week. The national average has dropped by roughly 60 cents since hitting an all-time high of $5 per gallon in June, though prices are much higher than they were last year, per AAA.

Eleven states have prices of $4 per gallon or lower, according to AAA, and tens of thousands of gas stations nationwide have gas for under $4 per gallon, according to GasBuddy.

“I’ve been working to make sure that when the price of oil comes down, the price at the pump comes down as well and comes down in real time,” Biden said at the meeting. “The good news is that’s happening, but it’s not happening fast enough.”

“We’ve made progress, but prices are still too high,” he acknowledged, saying that his administration is working on ways to ramp up domestic oil production while calling on oil companies to step up and do more.

“First, we're going to look at ways to increase oil production from the existing wells and permits that exist today,” Biden said. "The industry has more improved programs for production on federal lands than they can possibly use … they have more than they can use, so my message to these companies is use the permits or lose them.”

“Second, I'm telling the industry: you're making record profits due to Putin's war in Ukraine,” the president charged. “Use those profits to increase production and refining, don’t use those profits to buy back your stocks and dividends.”

Biden appeared on video at the meeting, which included Treasury Secretary Janet Yellen, Brian Deese, Director of the National Economic Council and Cecilia Rouse, Chair of the Council of Economic Advisers, as well as Office of Management and Budget Director Shalanda Young and Energy Secretary Jennifer Granholm.

"Let me start by apologizing for my voice," the president said as the meeting began, clearing his throat. "I feel much better than I sound."