President Biden said at a press conference on Wednesday that he could not “guarantee” his administration would deal with the country’s inflation problem.
Biden was responding to a reporter’s question about what he would promise “in the next two years that will help turn the fund around in the midst of a recession.”
“And, but what I can’t do is, I can’t guarantee that we’re going to deal with inflation,” Biden said. “But I think we can, we’ve already lowered the price of gas by about a dollar a gallon.”
He added that the oil industry is “doing a lot of damage to the world.”
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“They’ve made, six of them made more than a hundred billion in profits last quarter,” Biden said.
In January 2021, when Biden took office, a consumer price indexa measure of everyday items such as fuel, food and rent, was rising at 1.4% per year.
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In September, prices rose by 8.2% year-on-year.
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Compared to the same period last year, core prices, which exclude food and energy, rose by 6.6%, the fastest increase since 1982.
Mr. Biden also pointed to inflation a day after the midterm elections, which he says the Democrats did well, saying that a red wave did not happen.
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“Although we don’t know all the results, I still don’t know everything, this is what we know – journalists and experts predict about giant red wave — didn’t happen,” Biden said.
FOX Business’ Megan Henney contributed to this story.