Biden says there’s nothing he can do to bring down gas or food prices in the near term

On June 1, 2022, US President Joe Biden meets with White House officials and infant formula makers in an auditorium on the White House complex in Washington, DC, as part of the US response to the ongoing baby formula crisis.

“There’s a lot going on right now. However, the concept that we’ll be able to turn a switch and lower gasoline prices are unlikely in the near future. It’s not even true when it comes to food .”Biden made these remarks while speaking at a White House event about the newborn formula shortage.

In the next weeks, Biden and his team are focusing heavily on the economy. Despite the fact that he admits there isn’t much he can do; the President is attempting to demonstrate his commitment to lowering inflation. As his approval ratings plummet, the President has entrusted his advisers. Also, strengthening the administration’s communications.

What is the Strategy?

His strategy focuses on giving the Federal Reserve the independence it needs to use monetary policy to combat inflation. However, Biden admitted that there was little he could do on his own to reduce the most high-profile expense increases. “We can’t take quick action, as far as I’m aware, to figure out how to get gasoline prices back to $3 a gallon. We won’t be able to do it right away with food prices, either “he stated.

Reason Behind Increasing the Prices

The problem, he said, was Russia’s invasion of Ukraine and the resulting impact on oil and food. “We’re in a position where gas and food prices are tremendously expensive due to a war in Ukraine,” he remarked.

“For example, we have millions of tons of wheat that are unable to leave the farm and reach the market. “We’re trying to work our way out of a dispute, and we’re trying to find out how to get that harbor open,” he said, “and it’s causing everything from the price of a piece of bread to food shortages all across the world. “And acquire the tens of thousands of tons of grain that are lying around.”

He went on to say, “The same with gasoline.” “You have the issue that is currently occurring, where Europe has decided to further restrict the purchase of Russian oil, and there is a lot of thought going on about what can be done to maybe even purchase the oil at a limited price so that it has to be sold, an overwhelming need for the Russians to sell it, and it would be sold at a significantly lower price than the market is currently generating.”

Instead of taking direct action to lower gas or food prices, Biden said he was focusing on easing financial burdens. For example, in other areas such as medications and child care.”However, we may compensate for this by lowering other important costs for families. This lowers the family’s inflation rate “he stated.

He added that he would discuss the matter further in the near future.