(WWLP) – And ahead of Wednesday’s announcement from the Federal Reserve, oil prices dropped slightly, but Brent Crude Oil still remains at over $120 a barrel.

President Biden wants the country’s oil refineries to produce more gasoline and diesel to ease the financial burden Americans are seeing at the pump.

According to AAA, Massachusetts gas prices are down slightly from Sunday’s record-breaker, but they’re still over five dollars a gallon on average.

In a letter to seven oil refineries, Biden wrote that companies need to work with the administration to
“bring forward concrete, near-term solutions that address the crisis.”

Moses Makkiya from Springfield has to fill his SUV with premium, he said it has become more and more expensive to fill it up.

“I actually put about $25 in every single day,” Makkiya said. “A little more extra because I’ve got to put the AC on but yeah it’s paying $150 a week just in gas. I think it’s way too much.”

Professor John Rodgers of Economics and Finances at American International College says don’t expect to see much change at the pump despite the slight drop in oil prices.

He told 22News, “I think if we keep going in this trend we could but I am not really expecting that in the near term, and as I say we could be in for some more shocks. I mean this inflation situation is a lot worse than what people thought. When you have inflation, oil prices are going to reflect that inflation.”

President Biden’s letter noted gas prices averaged $4.25 a gallon when oil was last near the price of $120 a barrel, pointing toward strong quarterly earnings from companies like Exxon Mobil.

The American Petroleum Institute, which represents oil refineries, said the capacity has gone down because the Biden administration is looking to move away from fossil fuels.