The U.S. president’s administration is taking comprehensive measures to blunt the impact of inflation, including fuel price hikes, while Vladimir Putin’s war against Ukraine is destabilizing global energy markets and global economy as a whole.
That’s according to the White House press service, Ukrinform reports.
“With the biggest single driver of inflation being Putin’s war against Ukraine, @POTUS has taken action to blunt the impact of Putin’s Price Hike for families,” the statement reads.
Through his actions, President Joe Biden announced the release of 1 million barrels per day from the U.S. Strategic Petroleum Reserve, rallied U.S. allies to join in releasing 240 million additional barrels, expanded access to biofuels, which will lower prices across the country, the White House elaborated.
As Ukrinform reported earlier, the U.S. and global economies have been undergoing a period of significant inflation over the past months. This is primarily due to petroleum and food price hikes. The White House names among the main reasons for such developments the consequences of the pandemic, which have been massively exacerbated by Russian invasion of Ukraine.