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Biden Hails Economy, Sees Emergency Oil Release Curbing Fuel Prices -Breaking

by Mike Robinson

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© Reuters

By Yasin Ebrahim

Investing.com – Tuesday was a day of celebration for President Joe Biden’s economic recovery. Biden said that the taping of emergency oil resources would ultimately lead to lower fuel prices.     

“We’ve made historic progress in the last 10 months,” Biden said, highlighting the 5.6 million jobs created since he took office in January. However, the president acknowledged that there were still many things to do, especially in terms of curbing inflation.  

“Disruptions related to the pandemic have caused challenges in our supply chain, which have sparked concern about shortages and contributed to higher prices,” Biden said.

Surging energy prices have added to inflation pressures for many Americans, but Biden said the move to release 50 million barrels of oil from the strategic petroleum reserve would eventually lead to lower fuel prices. 

“It will take time, but before long, you should see the price of gas fall where you fill up your tank,” Biden added.

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