During a recent CNBC interview, Treasury Secretary Janet Yellen was called out for the Biden Administration’s failure to address soaring gas prices, a major concern for everyday Americans. Despite being confronted with the significant spike in gas prices, which have reached a staggering average of $3.88 per gallon, far exceeding pre-Biden levels, Yellen insisted that the administration is “pleased” with the state of the economy.
Host Sara Eisen pressed Yellen on the issue, questioning whether or not she intends to take any concrete action to address the problem. Yellen responded by claiming that the President is committed to ensuring that gas prices remain affordable for Americans, assuring viewers that the administration is closely monitoring the situation. However, Yellen’s vague promises rang hollow in the face of the stark reality that everyday Americans are living.
Biden Treasury Secretary Janet Yellen insists “[Joe Biden] wants to make sure that gas prices remain affordable for Americans.”
When Biden took office, a gallon of gas was $2.39. Today, a gallon is $3.88 and the price of gas has been above $3 per gallon for over 850 days. pic.twitter.com/SaP5U2WaWS
— RNC Research (@RNCResearch) September 18, 2023
The primary reason for the surge in gas prices is due to the rising price of crude oil, which recently breached $90 per barrel. The Saudis have extended their production cuts through the end of the year, exacerbating the issue. Although Yellen acknowledges these challenges, her response lacks any tangible steps to address the problem.
Moreover, Yellen’s assurance that Americans still enjoy some savings compared to last summer is cold comfort to those who struggle to make ends meet. The reality is that gas prices are at an all-time high, and the Biden Administration is failing to take decisive action to provide relief to the American people.
Despite what Yellen claims, the recent release of oil from the Strategic Petroleum Reserve has done little to offset the rising gas prices. The Administration seems to lack a clear strategy on how to tackle this issue, and the American people are paying the price. It is deeply concerning that the Administration is too preoccupied with lauding its “achievements” to address the concerns of average Americans.
If the Biden Administration is genuinely concerned about the well-being of the American people, it needs to take the necessary measures to address the issue of soaring gas prices. Relying on vague promises and platitudes will not put food on the table or gas in the tank for the average American.