Biden was quick to say that reversing inflation is a top priority and that energy costs need to fall

Spark Global Limited reports:

Alarmed by soaring inflation indicators, U.S. President Joe Biden spoke out on Wednesday.

In his speech that day, he stressed that reversing the rise of inflation is a priority.

He noted that people remain nervous about the economy because of rising prices.

Biden cited rising energy costs as the number one pressure on prices.

He said he had asked the White House National Economic Council to take steps to reduce energy costs.

In the non-energy sector, Biden noted that the rise in non-energy prices reflects the ongoing effort to get the economy back on an even keel. Demand that the Federal Trade Commission fight back against any market manipulation.

Biden also cited assurances from chief executives of major retailers that store shelves would be stocked for the holidays.

Biden also noted in his remarks that unemployment has fallen 70 percent since taking office. Unemployment claims are at their lowest level since the start of the pandemic.

Mr. Biden’s emphasis on reducing energy costs comes as Pressure from Democrats reinforces expectations of an increase in oil supplies.

Foreign media reported that 11 Democratic senators urged Biden in a letter this week to act quickly to deal with the national average price for a gallon of gas reaching its highest level since 2014. Arguing that households and small businesses are currently bearing an “excessive burden,” they urged the release of oil from the nation’s strategic reserves and even the more radical ban on U.S. crude exports.

The letter includes several senators known for their concerns about climate change.

The letter means Mr Biden is under increasing pressure from Democrats to curb rising prices by banning oil exports and releasing the nation’s strategic petroleum reserve.

Oil prices tumbled after Biden’s name and news of democratic pressure, with U.S. oil down more than 3 percent and brent oil down more than 2 percent.

In addition, crude oil inventories continue to climb also put pressure on oil prices. On Wednesday, data from the US Energy Information Administration showed crude oil inventories continued to climb last week, rising by 1.002 million barrels.

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