President Joe Biden criticized high U.S. gasoline prices saying he’d announce new actions to combat what he described as a key driver of inflation.
Senior Biden administration officials have also floated the possibility of imposing export limits in an effort to shore up fuel stocks and bring relief to consumers. But such a move could backfire, according to economists and energy experts, and lead to higher prices in New England and on the West Coast.
Biden spoke Thursday after a fresh government report that showed stubbornly high inflation. The core consumer price index, excluding more volatile food and energy prices, reached a 40-year high of 6.6% in September, compared to a year ago. “We also need to make more progress bringing down the prices across the board,” Biden said as he visited the site of a subway line under construction in the city.. That’s up about 4 cents from last week. But in California, filling a car’s tank costs more than $6 a gallon.
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