Joe Biden AGAIN blames Russian invasion for spiraling gas prices
President Biden is blaming a war happening more than 4,000 miles away for the rapidly rising cost of gas prices at home. Speaking to reporters on Saturday, Biden said Russia's war in Ukraine was the blame for the surge in the cost in the price of oil and gas. 'It's outrageous what the war in Ukraine is causing,' Biden said. 'We're trying very hard to make sure we can significantly increase the amount of barrels of oil that are being pumped out of the reserve we have,' he added. The average price for a gallon of gas in America has topped $5 for the first time ever as inflation hit a 41-year high of 8. On Saturday, the national average price jumped 19 cents in the past week, and it is up $1. The president then emphasized the government's decision to tap into U. President Biden is blaming a war happening more than 4,000 miles away for the rapidly rising cost of gas prices at home. 'It's outrageous what the war in Ukraine is causing,' Biden said. Average gas prices have jumped 19 cents in the past week, and $$1. Biden is facing growing political backlash as high prices increase the pain for American families, who are seeing daily records at the gas pump. Unlike his predecessor Donald Trump, who relentlessly attacked the Fed and its chair Jerome Powell, Biden has publicly endorsed the central bank's efforts. Biden, who blames 'Putin's Price Hike' for the acceleration in inflation, said Washington 'must do more -- and quickly -- to get prices down here in the United States. Hoping to avoid a devastating setback in November elections that could return control of the legislature to opposition Republicans, Biden has urged Congress to approve legislation to bring down costs of key products such as medicines and services such as shipping to soften the blow for US consumers. Biden is facing growing political backlash as high prices increase the pain for American families, who are seeing daily records at the gas pump. Overall, global oil prices are rising, compounded by sanctions against Russia, a leading oil producer, because of its war against Ukraine. In addition, there are limits on refining capacity in the U. The combined result is seeing the cost of filling up surging, draining money from Americans who are facing the highest rate of inflation since 1981. In terms of states, California remains the most expensive for gas with prices in the Golden State now averaging $6.
A total of 21 states, as well as Washington DC, now average more than $5 per gallon, with more due to join their ranks in the coming days as Americans also deal with the highest rate of inflation in 40 years. A gas pump displays the price of fuel at a gas station in McLean, Virginia on Saturday A total of 21 states, as well as Washington DC, now average more than $5 per gallon. Press officer Olexii Mischenko shows a destroyed city administration building in Bashtanka, Mykolaiv region, as Russia's attack on Ukraine continues New data show that annual inflation in the US rose to 8. While this is the first time the average price has broken the $5 barrier, it is still not a record when inflation is taken into account. The latest increase in gas prices comes as demand shoots up in June as Americans typically drive more following Memorial Day at the end of May. On Friday, President Joe Biden finally conceded that inflation remains stubbornly high, after the key measure of prices blew past expectations, dashing any hopes that consumer price increases had peaked. The Labor Department's report on Friday showed that the consumer price index jumped 1 percent in May from the prior month, for a 12-month increase of 8. Biden previously claimed that inflation had peaked as far back as December, and tried to strike a hopeful note in more recent months, but his reaction to the May figure struck a more somber tone, while still blaming Vladimir Putin and Republicans in Congress. Inflation in May was hotter than economists had expected, and topped the recent peak of 8. Inflation has emerged as a key threat to Biden and congressional Democrats in the midterms, and on Friday Biden plans to speak at the Port of Los Angeles to highlight his efforts to relieve supply chain chaos 'Today's report underscores why I have made fighting inflation my top economic priority. 'My Administration will continue to do everything we can to lower prices for the American people. 'Prices at the pump are a major part of inflation, and the war in Ukraine is a major cause of that. The new figures released on Friday suggested that the Federal Reserve could continue with its rapid interest rate hikes to combat inflation, and markets reacted swiftly, with the Dow shedding more than 700 points in early trading. The annual increase, driven by soaring food and energy prices, was hotter than economists had expected, and also marked the strongest signal yet that inflation has not yet peaked. Inflation has emerged as a key threat to Biden and congressional Democrats in the midterms, and on Friday Biden plans to speak at the Port of Los Angeles to highlight his efforts to relieve supply chain chaos that contributed to rising prices. Surveys show that Americans see high inflation as the nation's top problem, and most disapprove of Biden's handling of the economy.
In his statement on Friday, Biden continued to blame Russia and Republicans for high inflation, calling rising food and energy costs 'Putin's Price Hike. He also called on Congress to pass 'tax reform to make the wealthiest Americans and big corporations pay their fair share' claiming that this would reduce inflationary pressure by lowering the federal deficit. Congressional Republicans are hammering Democrats on the issue in the run-up to midterm elections this fall. House Minority Leader Kevin McCarthy responded to Friday's inflation data by tweeting: 'I call on Speaker Pelosi and House Democrats to hold a prime-time hearing on the out-of-control inflation their policies have created. Republican National Committee Chairwoman Ronna McDaniel blamed soaring inflation on Democrats' $1. Even Jason Furman, a top economic advisor in the Obama administration, admitted the U. 'Right now, we're in a bad situation where we have a lot more price inflation than wage inflation,' he told CNBC on Friday. 'If you tamp down on the economy, you're going to slow price growth and you're going to slow wage growth. But for American consumers, the rising prices of food and energy are becoming an increasingly central household concern. Friday's report underscored fears that inflation is spreading beyond energy and goods whose prices are being driven higher by clogged supply chains and Russia's invasion of Ukraine. If the Fed becomes more aggressive in combating inflation with rate hikes, it will mean higher-cost loans for families and businesses, and raises the risk of recession. 'Virtually every sector has higher-than-normal inflation,' said Ethan Harris, head of global economic research at Bank of America. 'It's made its way into every nook and cranny of the economy. The Friday inflation report was published ahead of an anticipated second 50 basis points rate hike from the Fed next Wednesday. 'Continued strong monthly inflation could suggest the Fed more explicitly guides towards policy rates continuing to rise by 50 basis points or more until realized inflation data is convincingly slowing,' said Veronica Clark, an economist at Citigroup in New York. The Dow dropped sharply on Friday following inflation data that was hotter than expected Fears that the Fed could take a more aggressive approach to rate hikes sent Wall Street veering into the red on Friday. Over the past five days, the Dow has seen a drop of 1,329 points, a 4. The Federal Reserve plans to meet for two days next week and most economists and analysts expect the central bank to raise its main borrowing rate by another half point.
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