Biden blames Putin for spike in gas, food prices

World Saturday 02/April/2022 10:02 AM
Biden blames Putin for spike in gas, food prices

Washington: US President Joe Biden on Friday (local time) blamed Russian President Vladimir Putin for rising gas and food price due to his invasion of Ukraine.

In lieu of the rising prices, Biden announced the release of 1 million barrels of oil per day from the nation's strategic petroleum reserve for six months in a bid to control gas prices that have spiked after the ongoing Russia-Ukraine war that entered its 38th day on Saturday.

"Putin's invasion of Ukraine has driven up gas prices and food prices all over the world. To help deal with that, yesterday I authorised the release of 1 million barrels per day for the next six months from our Strategic Petroleum Reserve," tweeted Biden.

Biden said that it was not known how much gasoline prices could decline as a result of his move, but he suggested it might be "anything from 10 cents to 35 cents a gallon."

"The bottom line is if we want lower gas prices we need to have more oil supply right now," Biden said. "This is a moment of consequence and peril for the world, and pain at the pump for American families," he added.

Meanwhile, Pentagon announced USD 300 million more in security assistance to Ukraine.

The new package means the US has now committed more than USD 2.3 billion in security assistance to Ukraine since the start of the Biden administration, according to the statement from Pentagon press secretary John Kirby.

The new package includes -- Switchblade suicide drones, Anti-drone systems, Armoured vehicles, Night-vision equipment, Ammunition and more.

The new package comes as Ukraine has pushed for more advanced weaponry from the US and European nations.

Much of the equipment provided to Ukraine fulfils those requests, but the US has not acquiesced to some of the biggest requests, such as aircraft.

The statement on security assistance is an unusual departure from past practice, in which the Pentagon and the administration have been discrete about the equipment provided. This time, the Pentagon laid out in some detail the systems and equipment that Ukraine will receive.