During a CNN town hall event on Thursday night, Democrat President Joe Biden was asked about how he is going to fix the soaring gas prices, to which he admitted, “I don’t have a near-term answer.”
“Do you have a timeline for gas prices of when you think they may start coming down?” CNN’s Anderson Cooper asked.
“My guess is you’ll start to see gas prices come down as we get by — going into the winter — I mean, excuse me, into next year, in 2022,” Biden said. “I don’t see anything that’s going to happen in the meantime that’s going to significantly reduce gas prices.”
“I must tell you, I don’t have a near-term answer,” Biden later added. “There’s two things I could do: I could go in the petroleum reserve and take out and probably reluce [sic] — reduce the price of gas maybe 18 cents or so a gallon. It’s still going to be above three bucks. And one of the things that I refuse to have happen, because I didn’t want anybody — I made a commitment: If you pass the stuff I’m talking about, not — not one single penny in tax would go against anybody making less than 400 grand.”
While Biden has been president, gas prices have soared to their highest level since the last time Biden held office in 2014. Currently, gas prices are about 50% higher than they were when Biden entered office.
The surge in gas prices have come alongside a surge in overall prices, which are expected to continue to rise as the Biden administration’s inflation crisis worsens, a crisis that began in April 2021 as inflation rates surged to the highest level since the Great Recession.
