At the NATO Summit in Madrid, a New York Times reporter asked President Joe Biden “how long is it fair to expect American drivers and drivers around the world to pay that premium for this war?” The reporter referred to assessments by analysts that the price of oil could rise to roughly $200 per barrel.
President Biden immediately responded, “as long as it takes.” His statement is consistent with his out-of-touch policies and inability to comfort tax-paying middle-class Americans. “Russia cannot, in fact, defeat Ukraine and move beyond Ukraine” Biden continued.
In a roundabout and at times mumbling answer, Biden said he told Putin if he continued, NATO would strengthen. “I suggested a while ago that we should consider doing is putting a cap on the amount of money that we would pay for, the world would pay, for Russian oil, and that we would, there would, we would not provide, the West provides insurance, would not insure Russian ships carrying oil.”
“So they would have a great difficulty getting customers. The point is that we’ve said to them, here’s the deal. We’re going to allow you to have a profit on what you make but not the exorbitant prices that you’re charging for the oil now” he continued. “In addition at home, I have also called for changes. I’ve released a million barrels of oil per day from our oil reserve. And in addition to getting other nations to move forward, a total of 240 million barrels of oil to be released from the Strategic Petroleum Reserve.”
That’s “Number one. Number two, I’ve asked Congress would, in fact, go and end temporarily the tax on gasoline at the pump. And thirdly, to ask the states to do the same thing, if we do these things, it’s estimated that we could bring down tomorrow, if they Congress agreed and the states agreed, we could bring down the price of oil about a dollar a gallon at the pump in that range” the President estimated.
After the President says all the responsibility to ease Americans’ pain is up to Congress and the states, he hammers home the biggest reason why he is not to be blamed for the current state of affairs: “But the bottom line is ultimately the reason why gas prices are up is because of Russia, Russia, Russia, Russia.”
“The reason why the food crisis exists is because of Russia. Russia not allowing grain to get out of Ukraine. And so that’s the way in which I think we should move and I think it would have a positive impact on the price of gas as well” he concluded.