Biden Says that Americans will need to deal with high gas prices until Russia removes itself from Ukraine
“As long as it takes,” was President Joe Biden’s answer to reporters in Madrid on June 30 regarding how much longer the gas prices will rise in the West. The president points to Russia and its invasion of Ukraine, saying, “- Russia cannot, in fact, defeat Ukraine and move beyond Ukraine.”
An Associated Press-NORC Center for Public Affairs Research poll released results this month showing that 85% of American adults claimed the country was on the “wrong track”. This number included 67% of Democrats who deemed economic conditions as “bad.” The White House has been working to show it is making moves to help quell the inflationary pressures on Americans by releasing barrels of oil from its reserve and attempting to tackle specific supply chain issues.
Oil traders have cut their net long positions in Brent and WTI due to concerns over China's economy.