December 7, 2021
Biden touts efforts to cool soaring inflation, says gas prices will fall 'before long'

Biden touts efforts to cool soaring inflation, says gas prices will fall ‘before long’

President Biden on Tuesday outlined the steps his administration is taking to fight surging inflation forward of the vacation season, saying the completely different actions will assist ease supply-chain bottlenecks and scale back rising gas prices. 

The federal government lately reported that shopper prices surged on the quickest tempo in additional than three a long time in October – pushed partially by a spike in gas prices – placing recent stress on the Biden administration to tackle the inflation bounce.  

“Moms and dads are worried, asking will there be enough food we can afford to buy for the holidays, will we be able to get Christmas presents to the kids on time and if so, will they cost me an arm and a leg,” Biden stated in remarks from the White Home on Tuesday. 

He pointed to the administration’s plan to clear up backlogs at a number of the nation’s greatest ports, together with establishing around-the-clock operations on the Port of Los Angeles and the Port of Lengthy Seaside. The president has additionally spoken with the CEOs of Wal-Mart, Goal, UPS and FedEx about how to relieve supply-chain challenges as ships wait to dock at a number of the greatest ports.

Biden stated there was a 33% discount in sitting containers blocking motion on the ports, whereas delivery prices have declined 25%.

“Families can rest easy,” he stated. “Grocery stores are well stocked with turkey and everything else you need for Thanksgiving and the major retailers I mentioned have confirmed that their shelves will be well-stocked in stores this holiday season.”

Biden additionally targeted on rising gas prices, that are taking part in a big function within the latest inflation surge, skyrocketing 6.1% from September to October. A gallon of gas, on common, was $3.41 nationwide on Tuesday, in accordance to AAA – up from $2.11 a 12 months in the past. 

In an try to scale back prices, Biden on Tuesday morning ordered a record-setting 50 million barrels of oil launched from the nation’s Strategic Petroleum Reserve, a choice made in coordination with different main energy-consuming nations together with India, the UK and China.

(Photo by Timothy A. Clary-Pool/Getty Images)

Established after a 1973-74 oil embargo by Arab members of OPEC, the reserve has been used in a number of emergencies, together with in 2005 after Hurricane Katrina made landfall and destroyed swaths of the Gulf of Mexico oil infrastructure. On the time, the Bush administration approved the discharge of 20.8 million barrels of crude oil to U.S. producers. 

“The fact is we always get through those spikes but we’re going to get through this one as well as hopefully faster,” Biden stated, including: “While our combined actions will not solve the problems of high gas prices overnight, it will make a difference. It will take time, but before long you should see the price of gas drop where you fill up your tank.” 

Final week, Biden known as on the Federal Commerce Fee to probe whether or not oil and gas corporations are partaking in prison conduct by making the most of artificially excessive prices on the pump, at the same time as wholesale gas prices decline.

He additionally rejected efforts by Republicans and different critics to tether his climate-change initiatives to rising gas prices.

“My effort to combat climate change is not raising the price of gas,” he stated.

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