President Biden Blames Higher Gas Prices on Russian Invasion of Ukraine and Oil Companies

In a speech to House Democrats at their retreat in Philadelphia, President Biden pushed back against the notion that he and his administration are to blame for higher gas prices. He says the recent spike in prices is due to Russian President Vladimir Putin's decision to invade Ukraine and his subsequent ban on Russian oil imports, which Republicans supported. He also says that American oil companies also bear responsibility for not using drilling leases he has approved because they prefer to use their profits to buy back their own stock. 'So don't tell me gas prices rose, because I just slowed down the American energy production,” the president says. close