President Joe Biden admitted during a CNN town hall Thursday night that he has no immediate solution to the problem of spiking gas prices and that the relief to the problem could only be felt next year.
“My guess is, you’ll start to see gas prices come down as we get by and going into the winter – I mean, excuse me, into next year, 2022,” Biden said.
“I don’t see anything that’s going to happen in the meantime that’s going to significantly reduce gas prices,” Biden added.
Based on the latest data from AAA, the national average price of a gallon of regular gasoline had reached $3.36 Thursday, up to four cents from the average on Monday.
The agency also noted that no state had an average gas price lower than $3 per gallon.
The AAA attributed the high cost of gas prices to high demand, high crude oil prices, and a drop in gas stocks.
Biden for his part blamed the high gas prices on OPEC and its oil-producing allies in the Middle East.
“Gas prices relate to a foreign policy initiative that is about something that goes beyond the cost of gas … That’s because of the supply being withheld by OPEC,” the president said.
“And so there’s a lot of negotiation that is … there’s a lot of Middle Eastern folks that want to talk to me. I’m not sure I’m going to talk to them, but the point is, it’s about gas production,” the president added.