Biden Admits Inflation Will Last Longer than Expected: 'It's Going to Take Some Time'
President acknowledged that the price of gas is affecting 'a lot of families'
President Joe Biden has warned that inflation and soaring gas prices will last longer than expected and admitted that it is now becoming a problem for many households.
“This is going to be a haul. This is going to take some time,” Biden said about rising prices during a May 23 press conference with Japanese Prime Minister Fumio Kishida.
Biden acknowledged that the price of gas is affecting “a lot of families” while saying his administration worked with governments worldwide to release millions of barrels of oil into the market.
But Biden admitted it was not enough.
The President blamed food shortages on Russia’s invasion of Ukraine as “millions of bushels” of grain in Ukraine were being held up.
If these stocks were brought into the market, it would “fundamentally impact positively” to bring down food prices “across the board,” he argued.
Biden said that Washington was working with American farmers to deal with the current situation.
According to Biden, the best thing he can do right now while trying to get Middle Eastern nations—including OPEC—to raise oil output, is to keep the American economy growing and create jobs.
He then suggested implementing tax cuts for the middle class and other measures.
“We have a 50–50 senate. It means we have 50 presidents. And I’m having a little trouble getting some of these things passed. But we’re not going to give up. We’re going to keep pushing,” Biden said.
As The Epoch Times reported:
The 12-month inflation rate in April came in at 8.3 percent, just slightly lower than the four-decade high of 8.5 percent registered in March. Food prices rose by 9.4 percent, while energy prices surged by 30.3 percent.
To make matters worse, the Producer Price Index (PPI), which tracks inflation before it hits consumers, increased by 11 percent in April, thus suggesting that consumer inflation might remain elevated in the months to come.
With regard to gas, the average price of regular gas as of May 23 was a record-high $4.596 per gallon, according to data from the American Automobile Association.
Prices were above $4 per gallon in all states, with five of them seeing prices in excess of $5 per gallon.
“Prices for gasoline, diesel, and other products are high and climbing. Further, those high prices are raising the cost of other goods and services, and here we are with extraordinarily high rates of inflation at both the consumer and producer levels," energy economist Karr Ingham said.
"The actions of this administration suggest little relief anytime soon."
Ingham pointed out that the Biden administration is yet to provide the next legally-mandated five-year offshore leasing plan.
The current plan comes to an end in June.
The administration had recently canceled the sales of three major offshore oil leases in the country, thus blocking the opportunity to drill for oil in over a million acres and boost domestic production.