The US will bear high gasoline prices for as long as needed, President Joe Biden said on Thursday during a news conference at the NATO summit in Madrid.
When asked how long American motorists should expect to deal with high fuel prices, Biden told reporters “As long as it takes, so Russia cannot in fact defeat Ukraine and move beyond Ukraine.” He stressed that “this is a critical, critical position for the world.”
US gasoline prices, a key driver of the highest inflation seen in the country in 40 years, hit a record $5-a-gallon this month. The prices have been on the rise since the start of the year, reflecting significant consumer demand outstripping the supply of oil, as well as the ongoing turmoil in energy markets. Biden had earlier reassured the public that the US government was doing everything it can “to reduce this pain at the pump.”
The White House has repeatedly blamed Russian President Vladimir Putin for causing inflation in the US, with Biden describing it as “Putin’s price hike.”
However, the US Federal Reserve has recently rejected the assertion that soaring inflation in the country was mostly being driven by the crisis in Ukraine, pointing out that prices had been rising well before that.
For more stories on economy & finance visit RT’s business section
