Gasoline prices hit new highs in the US on Saturday. On average, a gallon (3.8 liters) costs more than 5 dollars (4.75 euros) for the first time. Converted, it costs around 1.25 euros per liter of petrol.

Rising fuel prices are also a reason for rising inflation. It was 8.6 percent in the US last month. Fighting inflation is a top domestic priority for US President Joe Biden’s administration.

Biden is angry about prices at the pump. He launched an attack on oil giant ExxonMobil on Friday during an event at the Port of Los Angeles. “God made Exxon more money than it did last year,” Biden said, calling on the company to spend less on buying back its own stock and invest more in boosting oil production.

Higher oil production should ensure lower prices at the pump. America is already making good progress, says Biden, who predicts record production next year. The president says he is in talks with the industry to speed up production. At the same time, the oil and gas industry should not try to take advantage of the war in Ukraine by “making high profits and driving up prices unnecessarily.”