Biden: US gov't must do more to bring inflation down
3 Min Read
The US grapples with increasing prices through its own foreign policy.
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Biden blames Russia for its domestic issues.
On Friday, President Joe Biden announced that the US must do more to ameliorate inflation which has succeeded its 40-year-high, due to global price pressures which came as a result of the conflict in Ukraine.
"Even as we continue our work to defend freedom in Ukraine, we must do more - and quickly - to get prices down here in the United States," Biden said in a statement that was issued by the White House.
Biden will be addressing the US about inflation in a televised message.
The Labor Department said the US Consumer Price Index grew by 8.6% from the beginning of the year till May, which is the fastest acceleration of rate since 1981. The cost increased in May.
On Thursday, the average price of petrol in the US hit over $5 for the first time, according to GasBuddy, a fuel price tracker.
Read more: US Treasury Secretary admits failure to predict inflation risk
Oil production acceleration
Washington is looking to accelerate oil production in 2023 as a part of increased cooperation between the government and the oil industry, according to Biden.
"The United States is on track to produce a record amount of oil next year, and I am working with the industry to accelerate this output," Biden said in a statement.
Biden has been blaming domestic inflation on Russia at a time when it has been pushing for West-led sanctions on Russian oil, which is sinking the world into further crises.
Read more: OPEC+ to prioritize oil production growth plan for June
Biden gaslights causes behind soaring gas prices
Though the gas price hike has been going up since the start of the pandemic, Russian President Vladimir Putin seems to be the perfect scapegoat for all energy dilemmas in the US.
In March 2020, Biden, who was a candidate at the time, said "No more subsidies for the fossil fuel industry! No more drilling on federal lands! No more drilling, including offshore! No ability for the oil industry to continue to drill, period. [It] ends. Number one!" when he declared war on US energy independence.
In March, Biden suddenly changed his rhetoric: "Loosening environmental regulations won’t lower prices. But transforming our economy to run on electric vehicles, powered by clean energy, will mean that no one will have to worry about gas prices. It will mean tyrants like Putin won’t be able to use fossil fuels as a weapon."
According to a report by The Hill, this might have been the most "disconnected, tone-deaf" message coming from the White House recently.
