WASHINGTON (Pakistan Point News / Sputnik - 24th November, 2021) High gas prices are a problem faced by consumers in the United States as well as by consumers around the world, President Joe Biden said during his remarks on the state of the US economy on Tuesday.
"Today though, I want to address another challenge that families are facing and the one that I think they're most focused on right now: high gas prices. This is a problem, not just here in the United States, but around the world. The price of gasoline has reached record levels recently in Europe and in Asia," Biden said.
Biden cited gas prices in France, Japan and the United States as evidence of the global price increases. However, the US president noted that the United States has been through worse price spikes before, including in 2012 and 2014.
Earlier on Tuesday, the Biden administration announced that it will be releasing 50 million barrels of oil from the US Strategic Petroleum Reserve in concert with other major energy consuming nations, including China, India, Japan, South Korea and the United Kingdom, to stem surging oil prices.
