Powell didn’t contradict Biden, gas prices are ‘only due’ to Russia

On Wednesday’s CNN show of “The Lead,” President Joe Biden’s senior adviser Gene Sperling said Federal Reserve Chairman Jerome Powell’s comments that high inflation predates the he Russian invasion of Ukraine does not contradict President Joe Biden’s rhetoric and “the reason we” have seen the rise in gasoline prices, both here and around the world, is due to Putin.

Sperling responded to Powell’s comments by saying, “Jake, that’s clearly correct, and it doesn’t contradict anything that president has said.”

After agreeing that there was inflation before the invasion, Sperling added: “What the president — what is clear, however, is that the gas price element is due solely to what we saw aggression. That it was $3.31 [on] January 17 – was actually lower than the actual average of the previous decade. Now it’s closer to $5, and you’ve seen $2 rises in places like Canada and Germany. So there’s no contradiction between the fact that, yes, we were struggling with the pandemic supply chain and the price pressures before that, but that the reason we’ve seen the rise of gas prices, here and around the world, is due to Putin. And the fact that I think headline inflation has trended higher, that it’s averaging 9.2% in the 38 major countries certainly has – there’s been a major contribution from the gas boom due to Putin. But no, we never suggested that was the only cause. Yet it is one of the main causes. »

Follow Ian Hanchett on Twitter @IanHanchett


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