especially now with two years of covid, the pent up demand. i understand biden striking out, biden attacking this group, attacking that group, that s what politicians want to seem like they re in control, but the fact is, this is all on powell, isn t it? i m not blaming powell. i m saying moving forward this is on what jerome powell and the fed does he s the only person with tools right now, unless biden wants to withhold some of the spending that s already been authorized, but that would be hard for him to do. as larry summers warned a year ago, and sometimes he turns out to be right, if you re going to have that massive spending it will add to inflation. but whether or not the president is totally to blame, when you go into the store and, you know, a loaf of bread is $1.50, $1.70 and gas is $5 people are angry and you know what it ain t going
a gallon. it s happening all around the world. but the united states is the largest producer of oil and gas and the president feels like we ve got an additional responsibility, we as a country, but really our oil and gas producers have a responsibility. we re on a war footing. the price of oil, the price of gas, is precipitating the high percentage of inflation around the world. and so he s acting upon our domestic and international producers to produce more. russia s invasion of ukraine has caused the price of gas in the united states to go $1.70 a gallon since the invasion occurred. so, oil and gas companies who are part of the global community need to understand that we need to make up for the amount of russian barrels of oil that have come off the market since that invasion. because countries like the united states rightfully have said, we are not going to purchase russian oil. so, the bottom line is he s calling for an increase in
transitory, then a lot of the inflation has been putin s four, even though inflation was happening well before that. it is a very real political problem for biden, and unfortunately he doesn t have a lot of power to do much about it. find of power to do much about it. and did so. of power to do much about it. and did so- the of power to do much about it. and did so. the one of power to do much about it. and did so. the one thing that is driving that inflation is the soaring cost of oil and gas, and today the white house dig out. today, the white house has written to oil executives and the message could not be cleared pump more, cut prices. the crunch that families are facing deserves immediate action, said president biden in his letter. amid a war that has raised gasoline prices more than $1.70 a gallon, historically high refinery profit margins are worsening that pain. your companies need to work with my administration to bring forward concrete, near term solutions that ad
it was over that during the obama era. exxon the same. why is there the demonization of the oil companies when they need them to feel better about the overall fossil fuel environment to want to produce more oil? i think it s because it s a blame game and they don t want to own up to the fact they caused this problem. oil at that point was trading around $148 a barrel, it peaked. and that s why the oil companies were profitable. but it was ok then, it s not ok now. and what floored me was the letter he wrote to the industry executives, a quote from it, but amid a war railed the gasoline prices more than 1.70 per gallon, blaming on putin, historically high profit margins are worsening the pain and he s calling on the executives to cut their margins so that we can bring gas prices down. they are not going to do that.
more than crude oil and it goes into the making of fertilizer. when she is patting herself on the back driving an electric vehicle she shouldn t feel too good. a lot of constituents aren t eating. harris: you always have some good news for us. i want to get to that. here is president biden s top economic advisor brian deese when he was asked about inflation just today on a competing network and he stuck to the talking points. today s number underscores the challenge we have with energy prices that you were just discussing. it also underscores why it is so important the president is doing what he is doing. making fighting inflation his top priority. the price of the gas at the pump is up $1.70 since putin amassed troops on the border. that s a impact of war. we have to stand against that aggression. harris: you know what i don t like other than a hollow apology that means nothing from