President Joe Biden said Thursday that U.S. drivers will continue to pay record-high gas prices for “as long as it takes” to stop Russia’s war in Ukraine, acknowledging that consumers are unlikely to see relief at the pump anytime soon.
During a press conference Thursday following the NATO summit in Spain, Biden was asked how long people should expect to pay gas premiums because of Vladimir Putin’s war.
“As long as it takes,” Biden said, "so that Russia cannot in fact defeat Ukraine and move beyond Ukraine.”
“This is a critical, critical position for the world," he added.
Gas prices have hit record highs in recent months, part of soaring inflation that has badly hurt Biden's approval ratings and sapped support for his spending programs. The national average for a gallon of regular gas is $4.86, according to AAA, up from $3.12 a year ago. Republicans have blamed the high prices on Biden's green agenda and efforts to limit drilling for oil and gas.
Biden also expressed optimism about the Russian oil price cap plan proposed by G-7 nations earlier this week.
The price cap scheme would seek to minimize Russia’s oil export revenue through restrictions on the insurance and shipping of its seaborne crude.
“We've delegated a commission, a group of our national security people, to sit down and work out that mechanism,” Biden said of the plan.
“We think it can be done," he added. "We think it can be done to drive down the price of oil and would drive down the price of gasoline as well.”
https://www.washingtonexaminer.com/...l&utm_source=internal&utm_medium=article_rail
During a press conference Thursday following the NATO summit in Spain, Biden was asked how long people should expect to pay gas premiums because of Vladimir Putin’s war.
“As long as it takes,” Biden said, "so that Russia cannot in fact defeat Ukraine and move beyond Ukraine.”
“This is a critical, critical position for the world," he added.
Gas prices have hit record highs in recent months, part of soaring inflation that has badly hurt Biden's approval ratings and sapped support for his spending programs. The national average for a gallon of regular gas is $4.86, according to AAA, up from $3.12 a year ago. Republicans have blamed the high prices on Biden's green agenda and efforts to limit drilling for oil and gas.
Biden also expressed optimism about the Russian oil price cap plan proposed by G-7 nations earlier this week.
The price cap scheme would seek to minimize Russia’s oil export revenue through restrictions on the insurance and shipping of its seaborne crude.
“We've delegated a commission, a group of our national security people, to sit down and work out that mechanism,” Biden said of the plan.
“We think it can be done," he added. "We think it can be done to drive down the price of oil and would drive down the price of gasoline as well.”
https://www.washingtonexaminer.com/...l&utm_source=internal&utm_medium=article_rail