U.S. President Joe Biden said that gasoline prices will remain high as we enter 2022, but will begin to decline in 2022.
U.S. President Joe Biden said on Thursday that Americans should expect higher gasoline prices to continue into next year due to the policies of OPEC and other foreign manufacturers.
Biden, who made evaluations at the plenary meeting held by CNN in Baltimore, on a question about increasing inflation, said, “My guess is that gasoline prices will start to drop in 2022, as we enter next year.” He added that he did not expect a development that would lead to a significant decrease in gasoline prices until the said period.
The U.S. President added that prices would “eventually” drop as the country transitions to renewable energy over the next few years.
“This is due to the supply held by OPEC and its partners, and there is a lot of negotiation going on about it. There are a lot of Middle Easterners who want to talk to me,” Biden said. “I’m not sure I’ll talk to them, but it’s about gasoline production. At the same time, there are things we can do.”
It’s Gonna be Hard
But in the meantime, Biden acknowledged, “It’s gonna be hard. It’s gonna be hard. There’s a possibility to be able to bring it down. It depends on a little bit on Saudi Arabia and a few other things that are in the offing.”
Biden did not provide further details on whether there were any talks with Middle Eastern leaders or what exactly could be done in the short term.
Republicans have blamed Biden for spiking energy prices, citing his administration’s pursuit of inflationary spending policies. “The answer ultimately is, ultimately meaning the next three or four years, is investing in renewable energy,” insisted Biden