Wednesday 1 June 2022 11:13 PM Biden admits it's not likely he can 'click a switch' and make gas prices go ... trends now
President Joe Biden said Wednesday said there were no quick fixes available that would bring down inflation or end record gas prices.
Speaking on the issue he has called his top priority following an event on the infant formula shortage, Biden cited external causes and limitations on what could be done to control inflation.
'There's a lot going on right now. But the idea we're going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food,' he said.
'We can't take immediate action that I'm aware of yet to figure out how we're bringing down the prices of gasoline back to $3 a gallon. And we can't do that immediately with regard to food prices either,' he said.
Biden cited the war in Ukraine, which has bottled up the country's wheat exports.
'The idea we're going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term,' President Biden said Wednesday
'There's a lot to do. We're in a situation where because of a war in Ukraine, gas prices and food prices are extremely high,' Biden said.
'For example, we got millions of tons of wheat that is not able to get out and get to market, causing everything from a loaf of bread to cost so much money to food shortages all across the world. And so we're trying to work through, you know, a war, trying to work through how we can get that harbor open and get the, you know, tens of 1000s of tons of grain that are there,' he said.
He cited the EU's decision to cut back certain purchases of Russian oil.
Even without a silver bullet on inflation, Biden spoke of other policy moves that would lover costs and 'compensate' families.
'There's more than one way to maintain the standard of living for people,' Biden said, mentioning prescription drug costs and child care – two issues in stalled Build Back Better legislation.
'You can compensate. You can compensate for example by having drug prices drop significantly,' the president said.
'The bottom line is the bottom line,' he added.
When White House press secretary Karine Jean-Pierre was asked to respond to a Ukrainian idea to provide naval corridors to get Ukrainian goods out of the Black Sea, she was non-committal.
'That is something that I would actually have to go check on as well,' she said.
He spoke as U.S. gas prices soared to a record high of $4.67 per gallon on average nationally, with prices jumping 48 cents in May alone, according to AAA. And for the first time in history, the average price has exceeded $4.00 in all 50 states.
Biden's comments came after Treasury Secretary Janet Yellen flatly admitted
