Putin hikes Gasoline Prices; causes Inflation in US
"70% of the increase in prices in March came from Putin's price hike in gasoline," Biden said on his visit to the midwestern state of Iowa, referring to the price hike as Putin Price Hike.
Insight Bureau: Russia is the world’s biggest exporter of oil and petroleum products. The invasion of Ukraine by Russia and the steep rise in gas prices are responsible for most of the record increase in US inflation last month, it’s believed.
70% of the increase in prices in March came from Putin’s price hike in gasoline,” President Joe Biden said on his visit to the midwestern state of Iowa, referring to the price hike as Putin Price Hike. Notably, the US government data showed 8.5 percent rise in consumer prices over the 12 months to March.
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The US president, in a tweet, wrote that he is trying his best to bring down prices. He tweeted, “Putin’s invasion of Ukraine has driven up gas prices and food prices all over the world. 70% of the increase in prices in March came from the Putin Price Hike. I’m doing everything I can to bring down prices and address the Putin Price Hike.”
Biden further added, “To help deal with this Putin Price Hike, I authorized the release of 1 million barrels per day for the next 6 months from our Strategic Petroleum Reserve — and over 30 countries agreed to release 60 million additional barrels. This is the largest collective release in history.”
On Tuesday, Biden unveiled plans to increase the supply of E15 gasoline across the country during the summer to curb the soaring fuel costs and to boost the usage of more bio-fuel blends of gasoline. E15 gas is a blend of 15% ethanol and 85% gasoline.
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