Biden says high gas prices will continue 'as long as it takes' to defeat Russia's invasion of Ukraine

Joe Biden
President Joe BidenStefani Reynolds/Getty Images
  • Biden says high gas prices will continue "as long as it takes" to thwart Russia's invasion of Ukraine.

  • His approval rating has fallen due to the spike in gas prices eating more of Americans' finances.

  • Gas prices remain high at nearly $5 per gallon.

President Joe Biden said there may be no end in sight for high gas prices in the US until Russia's invasion of Ukraine is thwarted.

When asked how long American drivers should expect to deal with high fuel prices, Biden told reporters "as long as it takes, so Russia cannot in fact defeat Ukraine and move beyond Ukraine." He continued, "this is a critical, critical position for the world."

The president made the comments on Thursday at a news conference in Madrid, Spain. In March, the White House announced a ban on imports of Russian oil as part of an effort to punish the Kremlin for its invasion of Ukraine.

Gasoline prices have climbed steeply since the start of the year, reflecting significant consumer demand outstripping the supply of oil, paired with ongoing turmoil in energy markets largely as a result of the invasion. The national average for a gallon of regular gasoline dropped slightly to $4.85 on Wednesday, compared to $5 per gallon two weeks ago, per AAA.

Biden has few options to bring down gas prices ahead of the November midterms, where Democrats face the serious possibility of losing one or both chambers of Congress.

In recent months, the White House has taken steps to boost oil supply such as ordering a major release of oil from the Strategic Petroleum Reserve, paired with an easing of regulations on biofuels. But that has done little to quell the inflationary surge in gas prices.

His strategy has appeared to shift in recent weeks. Biden has bashed oil companies like ExxonMobil for raking in huge profits and White House officials are keeping the door open to levying a new tax on those profits. The president has also endorsed suspending federal gas taxes last week, a measure all but dead on Capitol Hill due to bipartisan resistance.

Biden's approval rating has sharply fallen this year with much of the decline attributable to voters anxious about the spike in gas prices. Rising inflation is eating into paychecks when Americans go shopping at the grocery store or pay rent.

Read the original article on Business Insider