Biden calls inflation number 'out of date'

[Valletta]

Biden continued pointing not only to Putin but to oil companies and gas stations as a factor in high gas prices.

"The price of oil is down about 20% since mid-June, but the price of gas has so far only fallen half as much," he said. "Oil and gas companies must not use this moment as an excuse for profiting by not passing along savings at the pump."
Biden says 9.1% inflation is too high but calls number 'out of date'

 

[tall73]

The administration notes that gas prices went down the last little bit, which is true. From this they indicate that it is showing a snapshot of a short time ago when things were worse than right now.

I still don't think that will comfort those who are struggling financially, however. Inflation is still quite high across the board. So if those on the edge endured a time of even higher inflation a few weeks ago and used up any reserves they had, the current, still high, inflation is a real problem.

 

[dqhall]

Biden continued pointing not only to Putin but to oil companies and gas stations as a factor in high gas prices.

"The price of oil is down about 20% since mid-June, but the price of gas has so far only fallen half as much," he said. "Oil and gas companies must not use this moment as an excuse for profiting by not passing along savings at the pump."
Biden says 9.1% inflation is too high but calls number 'out of date'

Inflation is more than gasoline. Food inflation is a problem. You can not eat gasoline and diesel. Medical expenses are rising. Rent costs are rising.

 

[BobRyan]

Biden continued pointing not only to Putin but to oil companies and gas stations as a factor in high gas prices.

"The price of oil is down about 20% since mid-June, but the price of gas has so far only fallen half as much," he said. "Oil and gas companies must not use this moment as an excuse for profiting by not passing along savings at the pump."
Biden says 9.1% inflation is too high but calls number 'out of date'

Gas prices at the pump did not immediately jump when the price of a barrel of oil went up because it takes a while for the oil sold in a barrel to make its way into the market and show up at the pump. The same lag time applied to lowered oil prices. But one can "assume" the the price might go up in reaction to the rising price faster (A quicker reaction time) than it would go down in reaction to a barrel of oil going down in price because individual barrels or ports are not tagged with each gallon of gas that we buy and because some greed is in the system by design.

 

[dqhall]

Gas prices at the pump did not immediately jump when the price of a barrel of oil went up because it takes a while for the oil sold in a barrel to make its way into the market and show up at the pump. The same lag time applied to lowered oil prices. But one can "assume" the the price might go up in reaction to the rising price faster (A quicker reaction time) than it would go down in reaction to a barrel of oil going down in price because individual barrels or ports are not tagged with each gallon of gas that we buy and because some greed is in the system by design.

The price of gas is going down with Biden pumping a million barrels a day out of the strategic petroleum reserve. This is not lowering rents and food prices.

 

[FireDragon76]

Most of the inflation is due to supply chain problems following COVID, particularly oil.