J.P. Morgan Chase CEO warns that ending oil and gas production would be a 'calamity'
J.P. Morgan Chase CEO Jamie Dimon cautioned that the transition to alternative energy sources will take 50 years and that the immediate termination of oil and gas production would be devastating.
President Biden came under fire on Monday for touting a decline in fuel prices after months of dodging responsibility for record-high prices in 2022.
"Gas prices are down around $1.60 a gallon from their peak this summer – and my Administration will keep working to lower costs for American families," Biden tweeted on Monday.
The White House has repeatedly deflected responsibility for the rise in gas prices, arguing at various that times COVID-19, the supply chain crisis, and Russia's invasion of Ukraine were to blame.
BIDEN ADDING TO HIS LIST OF OTHERS TO BLAME FOR SOARING GAS PRICES
Gas station prices in New Jersey reached over $5.00 a gallon this summer. (Megan Myers/Fox News Digital) (Fox News )
Biden's victory lap did not sit well with many on Twitter, who scolded the president's rush to take credit for the fall in gas prices while disregarding the harsh economic realities still plaguing everyday Americans who struggle to make ends meet.
"You can't take credit for low(er) gas prices but not higher gas prices," Forbes contributor Jeff Kart replied.
RNC rapid response director Tommy Pigott tweeted, "Gas prices are up $1.03 a gallon from when Joe Biden took office. Biden's administration continues to undermine American energy. Families have lost $2,250 paying higher energy costs since he took office."
Comedian Tim Young cautioned Biden against patting himself on the back, pointing out that gas prices under his administration are "still nearly double what they were under Trump...'"
Mario Fratto, a former U.S. House candidate, tweeted, "They went up because of your failure. "I broke it, and I’m the only one who can fix it!" Joe Biden."
Republican nominee for Florida's 14th Congressional District James Judge posted several recent headlines citing an increase in gas prices before asking the president, "What planet are you living on?"
"So you’re saying presidents DO control gas prices… Interesting!" American school safety advocate JT Lewis responded.
Photographer Thomas Hawk wondered, "If it was the "Putin Price hikes" that made the prices go up, are these then the "Putin price cuts" bringing gas prices back down"
Other others urged the president to address the sky-high grocery costs before boasting about the economic accomplishments of his administration.
"Eggs are $10," a user who goes by "Rager" observed.
"Did You Say the Reason The Price of Eggs is High is Because Of Chicken Pox ???" NFL middle linebacker Boomer Mays quipped.
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The Biden administration canceled one of the most high-profile oil and gas lease sales pending before the Department of the Interior, as Americans faced record-high prices at the pump. (Fox News)
A forecast by GasBuddy found that the yearly national average gas price is forecast to drop nearly 50 cents per gallon from that of 2022 to $3.49 cents, but prices are expected to return to the $4 per gallon range as early as May 2023.
Fox Business' Chris Pandolfo contributed to this report.