President Biden Tuesday, described the steps his administration is taking to tackle soaring inflation ahead of the holiday season, saying the various actions will help ease supply chain bottlenecks and reduce rising gas prices.
The government recently reported that consumer prices rose at the fastest rate in more than three decades in October – in part due to a spike in fuel prices – putting further pressure on the Biden administration to do so. in the face of rising inflation.
“Moms and dads are worried, wondering if there will be enough food that we can afford to buy for the holidays, will we be able to give Christmas presents to the children on time and if this ‘is the case, will it cost me an arm and a leg, “Biden said in White House remarks Tuesday.
CBO: BIDEN’S EXPENDITURE BILL ADDS $ 367B TO DEFICIT, EXCLUDING IRS TAX APPLICATION
He highlighted the administration’s plan to clear backlogs at some of the nation’s largest ports, including establishing 24-hour operations at the Port of Los Angeles and the Port of Long Beach. The president also spoke with CEOs of Wal-Mart, Target, UPS and FedEx on how to tackle supply chain challenges as ships wait to dock at some of the larger ports.
Biden said there had been a 33% reduction in sitting containers blocking movement at ports, while shipping prices were down 25%.
“Families can sleep easy,” he said. “Grocery stores are well stocked with turkey and everything you need for Thanksgiving and the major retailers I mentioned have confirmed that their shelves will be well stocked in stores this holiday season.”
Biden also focused on rising gas prices, which play a big role in the recent spike in inflation, soaring 6.1% from September to October. A gallon of gasoline, on average, was $ 3.41 nationwide on Tuesday, according to AAA – down from $ 2.11 a year ago.
In a bid to lower prices, Biden on Tuesday morning ordered a record 50 million barrels of oil from the country’s strategic oil reserve, a move made in coordination with other major energy-consuming countries, including ‘India, UK and China.
Created after a 1973-74 oil embargo by Arab members of OPEC, the the reserve has been used in several emergencies, most notably in 2005 after Hurricane Katrina made landfall and destroyed entire swathes of the Gulf of Mexico’s oil infrastructure. At the time, the Bush administration authorized the release of 20.8 million barrels of crude oil to American producers.
“The point is, we’re still getting through these peaks, but we’re going to get over this one and hopefully faster,” Biden said, adding, “While our combined actions do not solve the high price issues. overnight gas will make a difference It will take time, but before long you should see gas prices drop where you fill up.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Last week, Biden asked the Federal Trade Commission to verify whether oil and gas companies engage in criminal behavior by taking advantage of artificially high prices at the pump, even as wholesale fuel prices decline.
He also rejected efforts by Republicans and other critics to tie his climate change initiatives to rising gas prices.
“My effort to fight climate change is not to increase the price of gas,” he said.