Biden sees no quick fix on gas costs, weighs Russian crude price cap

Biden sees no quick fix on gas costs, weighs Russian crude price cap

The US has no immediate way to slash the price Americans are paying for gasoline, and is considering other proposals such as trying to set a lower price for sale of Russian crude, President Joe Biden said.

“The idea we’re going to be able to, you know, click a switch and bring down the cost of gasoline is not likely in the near-term, nor is it with regard to food,” Biden told reporters at the White House on Wednesday.

High prices for gas and food have emerged as an explosive political problem for Biden, whose party faces the loss of one or both chambers of Congress in November’s midterm elections.