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Biden Says Americans To Suffer High Gasoline Prices For “As Long as it Takes”

Biden said in a Thursday press conference that Americans would suffer high gasoline prices for as long as it takes for Russia to be defeated.

New York Times’ Jim Tankersley asked the President on the final day of the NATO summit in Madrid how long American drivers would have to pay a premium for gasoline.

“The war has pushed prices up—they could go as high as $200 per barrel, some analysts think. How long is it fair to expect American drivers and drivers around the world to pay that premium for this war?” Tankersley asked.

“As long as it takes so Russia cannot, in fact, defeat Ukraine,” President Biden replied.

“If we do these things—and it’s estimated we could bring down tomorrow, if they—if Congress agreed and the states agreed, we could bring down the price of oil about $1 a gallon at the pump—in that range. And so we could have immediate relief in terms of the reduction of the—of the elimination of—temporary elimination of the gas tax. And so, I think there’s a lot of things we can do, and we will do, but the bottom line is, ultimately, the reason why gas prices are up is because of Russia. Russia, Russia, Russia,” President Biden added.

The Biden Administration has been under extreme pressure to bring down the prices at the pump for Americans. Gasoline prices began to rise early in 2021 as post-pandemic demand began to come back online. U.S. refiners are now running at 95% of capacity, and there are no new refineries due to come online in the United States. Gasoline prices spiked even higher as crude oil prices rose in the wake of Russia’s invasion of Ukraine.

By Julianne Geiger for Oilprice.com

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  • steve Clark on July 04 2022 said:
    I am shocked at how uninformed (I could use another word) this president is... I used to think he was kinda smart...I was wrong..

    Russia has very little to do with the current situation in the price of Gasoline...The problem is a shortage of oil globally. The push for "green" energy and the reduction of funding for oil field development, that is causing our current problems and resulting high prices.

    Russia is actually producing and shipping very high levels of oil.. There production is way up from 2 months ago. Not sure that they can pump actually much more oil than they are now. Their oil is
    now going to India and China instead of Europe.
  • Mamdouh Salameh on July 01 2022 said:
    Crude oil and gasoline prices in the United States were surging long before the Ukraine conflict came on the scene. The reasons are a most bullish global oil market, robust global oil demand and a fast-shrinking global oil production and refining capacities. To this could be added the Biden administration’s green policies. This has nothing to do with Russia.

    And whilst the Ukraine conflict initially added an estimated premium of $25-$30 to the price of a barrel of oil and also caused prices of gas and electricity to soar, the premium has fizzled out when it became clear that the conflict hasn’t disrupted global energy supplies.

    Blaming it or Russia won’t save President Biden’s presidency. He will end his political career as a one-term president. Moreover, Russia won’t be defeated. It will emerge from the Ukraine conflict with full control of the Dobas region and a bit more to exchange for the lifting of sanctions.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London
  • Joe Blow on July 01 2022 said:
    Who the hell does Biden think he is we put him in office and can take him and his party out period.were does he get off saying Americans will suffer at the pump this Biden is a joke ???? impeach him asap or use 25 amendment get him out he is hurting American bad .he is the only reason American is in this spot with his over reach of power Biden and his drug coke head kid need to be is jail asap his political days are over with his political party.biden is a horrible president I have seen is 50 years..
    Thanks I love American and the people...
  • George Doolittle on June 30 2022 said:
    "should be able to Jew'en at least through the 4th of July long weekend Holiday" got it.

    And this is popular how again?

    And this makes even long bullish oil people money how again?

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