Biden says there's nothing he can do to bring down gas or food prices in the near term...

The Tradition

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CNN — President Joe Biden said Wednesday there is little he can do to lower the cost of gasoline or food in the immediate term, an acknowledgment that prices for those goods will remain high as he works to bring down other costs incurred by families.

"There's a lot going on right now but the idea we're going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food," Biden said at the White House, where he was holding an event on the infant formula shortage.

Biden and his team are seeking to place heavy emphasis on the economy in the coming weeks as the President looks to demonstrate his commitment to reining in inflation, even as he says there's not much he can do. The President has tasked his aides with improving the administration's messaging as he watches his approval ratings sink.

His plan has centered on allowing the Federal Reserve the necessary independence to combat inflation through monetary policy.

But Biden conceded there was little he could do alone to bring down the highest profile cost spikes.

"We can't take immediate action that I'm aware of yet to figure out how we're bringing down the prices of gasoline back to $3 a gallon. And we can't do that immediately with regard to food prices either," he said.

He pointed to the Russian invasion of Ukraine, and the ensuing effect on energy and grain, as the culprit.

"We're in a situation where because of a war in Ukraine, gas prices and food prices are extremely high," he said.

"For example, we got millions of tons of wheat that is not able to get out and get to market. It's causing everything from a loaf of bread to cost so much money, to food shortages all across the world," he said. "And so we're trying to work through a war, we're trying to work through how we can get that harbor opened. And get the, you know, tens of thousands of tons of grain that are there."

"The same with gasoline," he went on. "We have the issue that is occurring now, you have Europe deciding they're going to further curtail the purchase of Russian oil and there's a whole lot of consideration going on about what can be done to maybe even purchase the oil even at a limited price so that it has to be sold, overwhelming need for the Russians to sell it, and it would be sold at a significantly lower price than the market is generating now."

Biden said instead of direct action to bring down gas or food prices, he was looking to ease financial burden in other areas, like drugs and child care.

"But we can compensate by providing for other necessary costs for families by bringing those down. That reduces the inflation for that family," he said.


He said he would discuss the issue further on Thursday.



Don't forget student loans, Joe!

Why is he able to take direct action there, or with child care, or with drug prices, but not something that helps everyone?

LOL, what a windbag.
 
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It's Putin's Price Hike.

the-sopranos-tony-soprano.gif
 

ThorneStockton

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Oct 2, 2009
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Do people have an expectation that the executive of our government should have that power? Let's say he did have the power to set - and lower - gas or food prices. Would you expect something different than a shortage?

We have a predominantly market based economy, my preference would be to not have it and the prices of things centrally controlled by a single executive and their administration.

Stupid libs like the OP can try Venezuela on for size if he wants that sort of planned experience.
 

onlyTheObvious

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Does ethanol production help gas prices yet raise food prices?

has he already done everything he can with too many fuel blends?

if they already are looking outside the box maybe they need to take a few more steps back and look outside the outside.
 

srams21

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Do people have an expectation that the executive of our government should have that power? Let's say he did have the power to set - and lower - gas or food prices. Would you expect something different than a shortage?

We have a predominantly market based economy, my preference would be to not have it and the prices of things centrally controlled by a single executive and their administration.

Stupid libs like the OP can try Venezuela on for size if he wants that sort of planned experience.
This.

What exactly is he supposed to do? The FED will continue to raise rates and inflation will slowly come down.
 

Titus Andronicus

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Good God!

The president of the United States and he does not understand how markets set prices.

Think back to when he cancelled the pipeline and a bunch of oil leases on his first day in office ... and recall that price hikes were almost instantaneous.

If he reverses his decisions of that day, the prices will start heading down, or at least the rate of increase will ease. A dynamic of market pricing is that current prices reflect some element of anticipated prices and supply. Not necessarily all of it, but certainly anticipated prices will weigh on current prices. Current prices will quickly reflect anticipated future supply.

................................................................


While he is at it, he should close out the Stategic Petroleum Reserve, by selling the entire inventory ... all of it should be exchanged for money/dollars.) We should be out of that business as a nation. We should hit the bid with our huge supply and probably take a significant trading profit in the process.
 
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globalhawk

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Dec 16, 2003
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Good God!

The president of the United States and he does not understand how markets set prices.

Think back to when he cancelled the pipeline and a bunch of oil leases on his first day in office ... and recall that price hikes were almost instantaneous.

If he reverses his decisions of that day, the prices will start heading down, or at least the rate of increase will ease.

(He should also close out the Stategic Petroleum Reserve, by selling the entire inventory ... all of it should be exchanged for money/dollars.) We should be out of that business as a nation. We should hit the bid with our huge supply and probably make a significant trading profit in the process.
................................................................

A dynamic of market pricing is that prices reflect some element of anticipated prices and supply. Not necessarily all of it, but certainly anticipated prices will weigh on current prices. Current prices will quickly reflect anticipated future supply.
The last Strategic Petro dump the USA did a couple months ago added a whole 1% to the global market.
 
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seminole97

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Do people have an expectation that the executive of our government should have that power? Let's say he did have the power to set - and lower - gas or food prices. Would you expect something different than a shortage?
I focus on the power he does have.
Did anyone in the press ask him if he still forecasts trillion dollar deficits, minimum, for the rest of the decade?

Focus on the cause.
 
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sober_teacher

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Good God!

The president of the United States and he does not understand how markets set prices.

Think back to when he cancelled the pipeline and a bunch of oil leases on his first day in office ... and recall that price hikes were almost instantaneous.

If he reverses his decisions of that day, the prices will start heading down, or at least the rate of increase will ease.

(He should also close out the Stategic Petroleum Reserve, by selling the entire inventory ... all of it should be exchanged for money/dollars.) We should be out of that business as a nation. We should hit the bid with our huge supply and probably make a significant trading profit in the process.
................................................................

A dynamic of market pricing is that prices reflect some element of anticipated prices and supply. Not necessarily all of it, but certainly anticipated prices will weigh on current prices. Current prices will quickly reflect anticipated future supply.

There are valid reasons for the oil reserve, and that doesn’t impact the market directly. Closing the Keystone XL pipeline - which hadn’t even started construction, had zero impact on the supply. There are hundreds if not thousands of wells in the US oil companies could start to develop tomorrow if they wanted that they already have permits for.
 

globalhawk

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There are valid reasons for the oil reserve, and that doesn’t impact the market directly. Closing the Keystone XL pipeline - which hadn’t even started construction, had zero impact on the supply. There are hundreds if not thousands of wells in the US oil companies could start to develop tomorrow if they wanted that they already have permits for.
Don't try to explain to this one.
 

ThorneStockton

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I focus on the power he does have.
Did anyone in the press ask him if he still forecasts trillion dollar deficits, minimum, for the rest of the decade?

Focus on the cause.

I think some of that power is shared with Congress. Although, the last president tried a National Emergency declaration to reallocate funds that Congress hadn't appropriated. Maybe this president could try something similar, although something tells me that wouldn't sit well with the OP either.
 

seminole97

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I think some of that power is shared with Congress.
And what effort has he shown to work with the Democrats in Congress to create a horizon other than trillion dollar deficits?

They’re either doing this on purpose.
Don’t understand what they’re doing.
Or don’t care.

Their statements put them in the second category.
 
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srams21

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There are valid reasons for the oil reserve, and that doesn’t impact the market directly. Closing the Keystone XL pipeline - which hadn’t even started construction, had zero impact on the supply. There are hundreds if not thousands of wells in the US oil companies could start to develop tomorrow if they wanted that they already have permits for.
But it makes such a great talking point ...
 

ThorneStockton

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And what effort has he shown to work with the Democrats in Congress to create a horizon other than trillion dollar deficits?

They’re either doing this on purpose.
Don’t understand what they’re doing.
Or don’t care.

Their statements put them in the second category.

My guess would be they are largely self interested politicians. Slashing deficits sounds good to most everyone, but the effect on the programs would not be popular and not a way to win elections, individually or as a party. There's a reason that even the party that used to have that as their mantra, never really followed through with it, unless it was a calculated political game like the federal shutdowns.

He/they have the "misfortune" of being in power during a inflationary period, that's not all that popular either, and thus are held as responsible by people like the OP.

Crafting a budget to slash deficits on a ten year horizon, wouldn't "fix" inflation now and it wouldn't benefit them now, or likely in the future when you consider the short term memory of the populace.
 

srams21

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In other words, Biden is being honest.

I'd much rather that than a president that would say "I have a lot of ideas, the best ideas, about what we are going to do to lower gas prices and food prices."
100% this.

It would have been nice to have some reasonable honesty during the early days of the pandemic. Instead of "this will be over by Easter" or "it's a hoax" we could have had an adult conversation about it and had an actual plan to mitigate risk.
 
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The Tradition

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100% this.

It would have been nice to have some reasonable honesty during the early days of the pandemic. Instead of "this will be over by Easter" or "it's a hoax" we could have had an adult conversation about it and had an actual plan to mitigate risk.

It's always, "but TRUMP" with you people....
 
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