President Joe Biden claimed that soaring gas prices is transitory toward a greener economy as gas prices have hit record highs for two straight weeks.
During a press conference in Japan, Biden insisted that his administration’s actions helped keep gas prices “from getting worse,” adding that the U.S. is going through a transition to green energy.
Gas prices set records for 2 weeks straight as Biden struggles to reassure America https://t.co/cmZ8cXrNze
— Fox News (@FoxNews) May 24, 2022
“When it comes to the gas prices, we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over,” Biden said.
Republican National Committee (RNC) chairwoman Ronna McDaniel told reporters that because of the rise in gas prices, Americans are suffering from financial strain.
“Paired with historic inflation and shortages for basic goods like baby formula, the rising cost of gas is the result of Joe Biden and Democrats’ anti-U.S. energy agenda,” McDaniel said. “Unfortunately, Biden only plans to make this crisis worse for families by not doing anything.”
Because consumers are spending more on gas, they are cutting back on other consumer goods and services, said Peter McCrory, U.S. Economist at J.P. Morgan Research.
“We think the 20% spike in gas prices may be lowering nominal non-gas consumption by $9.6 billion per month—shaving 0.26% off of overall nominal consumption on an annualized basis,” McRory said.
This comes as gas prices have broken records for two consecutive weeks, with the national average price for regular gas at $4.596 per gallon, according to the AAA.
Democrats are fearing that the dissatisfaction with the administration’s handling of the situation could cost them their majority in Congress during the November 8 midterm elections.
President Joe Biden said earlier this month that inflation is his “top domestic priority” but the Department of the Interior later announced that it is halting the potential to drill for oil in over 1 million acres in Alaska’s Cook Inlet, along with two lease sales in the Gulf of Mexico.
This makes it clear that Biden is clearly uninterested in combating inflation, as his priorities lie elsewhere such as lifting former President Donald Trump’s “Title 42” border policy and joining with anarchists in threatening Supreme Court justices.
