Biden vows to battle inflation as prices keep climbing
President Joe Biden speaks about inflation and supply chain issues at the Port of Los Angeles, Friday, June 10, 2022, in Los Angeles. President Joe Biden speaks about inflation and supply chain issues at the Port of Los Angeles, Friday, June 10, 2022, in Los Angeles. LOS ANGELES (AP) — In President Joe Biden’s estimation, the U. The president’s policies, his deals with the private sector, regulatory actions and public jawboning have failed so far to stop prices from marching upward. Biden on Friday pledged to keep fighting against inflation while touring the Port of Los Angeles, America’s busiest port and a place that the White House said last October would be key for reducing price pressures. “My administration is going to continue to do everything we can to lower the prices for the American people,” the president said after a decidedly bleak new report on consumer prices. The president on Friday also blamed corporate profits for inflation, saying that some companies — including shipping firms and the oil industry — are focused on maximizing profits.
ExxonMobil responded to Biden’s comment by saying that it is producing more oil. “We have been in regular contact with the administration, informing them of our planned investments to increase production and expand refining capacity in the United States,” Casey Norton, a spokesperson for the company, said in an email. The Port of Los Angeles moved to round-the-clock operations last October under an agreement that the White House helped to shepherd. The port is now moving out a record 200,000 containers on a rolling 30-day average. Gene Seroka, executive director of the Port of Los Angeles, said there were many levers that caused performance to improve in terms of getting goods to consumers and businesses faster. “We’ve reduced those ships that have been waiting to get into the port by 75% this year,” Seroka said. The Biden administration is seeking to further reduce shipping prices with a bipartisan bill that the House could pass as soon as next week.
“What I have found here in California is that they want us to do whatever we could possibly do to address the inflation problem — and this is clearly one significant part of the problem,” said Rep. “This is not a silver bullet with regard to inflation,” said Johnson, who sponsored the bill. Biden is also trying to frame inflation as a global challenge, having been triggered first by the pandemic and then by Russia’s invasion of Ukraine. Biden has attempted to slow inflation by improving port operations and twice releasing oil from the U. The visit to the port occurs as Biden has been hosting the Summit of the Americas in Los Angeles. And mindful of the campaign season, Biden on Friday will attend two fundraising receptions for the Democratic National Committee.
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