U.S. President Joe Biden said Wednesday that June inflation data showing the highest inflation in the U.S. in more than 40 years is “obsolete” because gasoline prices have fallen over the past 30 years days and have a reduction of $ 0.40 a gallon. the record in mid-June.
Today, the U.S. Bureau of Labor Statistics announced consumer prices for June 2022, saying that over the past 12 months, the index for all items rose 9.1 percent, the increase fastest consumer prices since November 1981.
The energy index rose 7.5 percent during the month and contributed to nearly half of the increase in all items, with the gasoline index rising 11.2 percent, the Office said. of Labor Statistics.
Commenting on the inflation data, President Biden said in a statement that “While today’s general reading on inflation is unacceptably high, it is also out of date.”
“Energy alone accounted for almost half of the monthly rise in inflation. Today’s data does not reflect the total impact of nearly 30 days of falling gas prices, which have reduced the price at the pump in about 40 cents since mid-June.These savings are providing significant breathing space for American families, ”President Biden said.
He also pledged to continue to do everything possible to further reduce the price of gasoline. On July 13, the national average price of gasoline was $ 4.631 per gallon, below a record $ 5.014 a month ago.
Related: China’s oil imports fell in June
“I will continue with my historic release of oil from our strategic oil reserve. I will continue to work with our European allies to put a price cap on Russian oil, lowering oil revenues in Putin. And, I will continue to work with the oil industry. U.S. oil and gas to increase production responsibly; already, the U.S. is producing 12.1 million barrels of oil a day and is on track to break records, “the president said.
He also warned, once again, oil companies not to benefit from gasoline prices.
“The price of oil has fallen by 20% since mid-June, but the price of gas so far has only dropped by half. Oil and gas companies should not use this moment as an excuse to take advantage of it. by not passing on the savings to the bomb, ”President Biden said.
From Charles Kennedy for Oilprice.com
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