FX.co ★ Little can be done to fix gasoline and food prices quickly, Biden said

US President Joseph Biden says that little can be done to lower gasoline and food prices in the near term. “There's a lot going on right now but the idea we're going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food,” the American leader said at the White House event on baby formula shortage. The president blames it on the Ukrainian conflict. “We're in a situation where because of a war in Ukraine, gas prices and food prices are extremely high,” he pinpointed.

Biden even considers the possibility of purchasing Russian oil instead of cutting it. “We have the issue that is occurring now, you have Europe deciding they're going to further curtail the purchase of Russian oil and there's a whole lot of consideration going on about what can be done to maybe even purchase the oil even at a limited price so that it has to be sold, overwhelming need for the Russians to sell it, and it would be sold at a significantly lower price than the market is generating now.”