President Joe Biden suggested that inflation is mostly the fault of Russian President Vladimir Putin during remarks at the House Democrats’ retreat in Philadelphia on Friday.
Prices have been rising as a result of COVID-19-related variables like as supply chain challenges and high demand for particular commodities, according to Biden. He also blamed Russian President Vladimir Putin.
Well, no. These are Feb #'s and only include small Russia effect. This is Biden's inflation and he needs to own it. https://t.co/WsJjn6picV— Steven Rattner (@SteveRattner) March 10, 2022
Gas prices have been soaring, putting a strain on people. The nationwide average price of normal gas was $4.331 per gallon as of Friday, according to AAA.
President Biden signed an executive order earlier this week prohibiting the import of Russian crude oil into the United States, as well as petroleum, petroleum fuels, oils, and distillation products; liquefied natural gas; coal; and coal products from Russia.
Rapid inflation has been putting a pressure on the American economy. The consumer price index increased by 0.8 percent in February, according to the US Bureau of Labor Statistics.
“A large contributor to inflation this month was an increase in gas and energy prices as markets reacted to Putin’s aggressive actions,” Biden said in a statement on Thursday. As I have said from the start, there will be costs at home as we impose crippling sanctions in response to Putin’s unprovoked war, but Americans can know this: the costs we are imposing on Putin and his cronies are far more devastating than the costs we are facing,” Biden added.