Biden blames gas prices rising on the Saudis and Russians in major speech on economy

President Joe Biden on Friday blamed Saudi Arabia and Russia’s actions for pushing up gas prices as he tried to say his administration was cutting costs — while Republicans would allow them to rise again.

He used a speech at a Volvo engine plant in Maryland on the occasion of National Production Day to share what he and his team believe is a record of economic success.

And he contrasted it with what he said would happen if “Park Avenue” Republicans took power in November’s midterm elections.

“The cost of every kitchen table is going up, not down,” he said, painting a murky picture of what a Republican victory would mean for families.

“And I realize the cost of food is going up and I’ve been able to get the gas well over $1.60, but it’s getting higher and higher because of what the Russians and the Saudis alone are not done with.”

His hopes that gas prices would continue to fall were dashed this week when the oil alliance OPEC+ announced it would cut production.

US gas prices have started to rise again after falling in recent weeks

Biden was convicted in July of a fistfight with Saudi Arabia’s crown prince Mohammed bin Salman as he sought help lowering gas prices

It was especially embarrassing for Biden who bet on a public meeting with Saudi Crown Prince Mohammed Bin Salman, who is accused of plotting the murder of US-based journalist Jamal Khashoggi in hopes of restoring relations.

And it comes a month before the midterm elections that could return control of the House and Senate to Republicans.

In his remarks, Biden warned that Republicans would introduce policies that could mean the end of Social Security, Medicare and veteran benefits.

He also called several Republican lawmakers by name and said they had written to his administration asking for money for the districts, despite voting against the bipartisan infrastructure bill and dismissing it as socialism.

Biden delivered his speech at Volvo Group Truck’s powertrain plant, which builds engines, just outside Hagerstown.

He highlighted the most recent jobs report, which showed 263,000 jobs were created in September — along with about 10 million during his tenure.

But even with so much good news to share, he couldn’t help but start with a blunder.

“We’ll start with two words: Made in America,” he told his audience in a warehouse full of machines and American flags.

‘Made in America. It’s not hyperbole.’

Biden toured a Volvo powertrain plant in Maryland on Friday and he and his team are sticking to their message that the economy is in good shape – despite high inflation

After struggling for much of his tenure with crippling inflation and record gas pump prices, Biden and his team believe they have a good story to tell.

Biden is leaning on his economic record following several recent legislative victories and feeling that the outlook is improving just in time for the midterm elections.

“All over America, we’re proving that ‘Made in America’ isn’t just a slogan, it’s a reality, to prove that our best days are ahead, not behind us,” he said after touring the facility.

The day before, he predicted that a $20 billion investment by IBM in New York’s Hudson River Valley will give the United States a technological edge over China, while performing with two House Democrats in competitive races.

He said IBM’s pledge was part of a larger manufacturing boom spurred by the approval this summer of a $280 billion measure — the CHIPS and Science Act — designed to boost the semiconductor industry and scientific research.

That legislation was necessary for national and economic security, Biden said in Poughkeepsie, adding that “the Chinese Communist Party has actively lobbied against it.”

“The United States must lead the way in producing these advanced chips — this law will make sure that happens,” Biden said.

The CHIPS and Science Act, which Biden signed in August, was a rare bill for which the president could gain bipartisan support.

This week, conservative economists said the US economy could earn an additional $100 billion a year from rising oil prices if Donald Trump’s policies were maintained, and Republicans stepped up their attacks on Biden’s handling of the issue.

And it has given Democrats hope that voters will respond to good news, despite months of economic pain.

However, Republicans stepped up their attacks on Biden, saying it was his policy that raised prices at the pump.

“Under Biden – OPEC decides our fate rather than American energy independence,” Pat Harrigan, a Republican House candidate in North Carolina, said in a tweet.

Republican Study Committee chairman Jim Banks tweeted: “U.S. oil production has fallen 1.2 million barrels a day since its peak under President Trump. Biden must stop his war on American energy!’

Republicans are calling for easing government restrictions on US energy production as a way to cut costs.

Sen. Lisa Murkowski said: “The Biden administration has had more than a year and a half to prepare for this turn of events, including more than seven months since the start of Russia’s catastrophic war against Ukraine, but failed to do so.” in.

“Instead of approving important projects and reforming the broken processes that hold them back, the government has sold unprecedented amounts of our emergency oil reserves.”

In the meantime, Biden has accused oil and gas companies of profiteering and called on Congress to find ways to reduce OPEC+’s power over prices.

“The president also calls on US energy companies to continue to lower pump prices by closing the historically wide gap between wholesale and retail gas prices so that American consumers pay less at the pump,” Nationa Security Adviser Jake Sullivan and economic adviser Brian Deese said in a statement. joint statement.