President Biden is blaming the fast growing cost of gasoline in the United States on a war taking place almost 4,000 miles abroad.
Biden told reporters on Saturday that Russia’s war in Ukraine was to blame for the recent increase in oil and gas prices.
In May, the average price of a gallon of petrol in the United States surpassed $5 for the first time, as inflation reached a 41-year high of 8.6 percent.
According to the AAA Gas Price Index, the national average price increased 19 cents in the previous week and is up $1.93 from this time last year.
The president then stressed the government’s choice to use oil reserves in the United States.
Unlike his predecessor, Donald Trump, who has been a vocal critic of the Federal Reserve and its chairman, Jerome Powell, Biden has openly praised the bank’s work.
Biden, who blames the increase in inflation on “Putin’s Price Hike,” said Washington must do more and faster to bring costs down in the United States.
Biden has encouraged Congress to enact legislation to lower the costs of critical items such as pharmaceuticals and services such as shipping to cushion the blow for US consumers ahead of the November elections, which might return control of the legislature to opposition Republicans.
High gas prices are increasing the suffering for American people, who are seeing daily records at the pump. Biden is facing mounting political reaction.
Overall, global oil prices are rising, exacerbated by sanctions imposed on Russia, a major oil supplier, as a result of its conflict with Ukraine. On Thursday, the average price of a gallon of gas in the United Kingdom increased by $10.16.
Furthermore, some refineries in the United States shut down during the epidemic, limiting refining capacity.
As a result of the combination, the cost of filling up is increasing, taking money from Americans who are experiencing the greatest rate of inflation since 1981.
The most recent uptick in petrol prices comes as demand spikes in June, as Americans normally drive more after Memorial Day in late May.