Biden needs to produce more US oil to cut record gas prices, expert says

American Petroleum Institute President & CEO Mike Sommers joined “Cavuto: Coast to Coast” Monday to urge the Biden administration to produce more American oil to lower record-high gas prices.

MIKE SUMMERS: For most of this industry, we are price takers. We are not price makers in oil markets. What this means is, that we need to produce more in the United States to cut prices throughout the rest of the world.

American Petroleum Institute President & CEO Mike Sommers told FOX Business that the Biden administration needs to ‘produce’ more American oil production to lower record-high gas prices. (Mario Tama / Getty Images / Getty Images)

This administration needs to be focused on what we know is going to be true for decades and decades to come, that the world is going to continue to demand oil and gas… It’s better to get that oil and gas here in the United States than it is to get it from regimes that are hostile to American interests like Russia.

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