President Biden has said that high gas prices will stay that way for as long as it takes for Russia to fail to defeat Ukraine, which could be a long time.
President Biden was asked how long gasoline prices would stay high, and according to Bloomberg, the president said: “As long as it takes, so that Russia cannot defeat Ukraine and move beyond Ukraine.” The problem with this answer is that military experts believe the war could last for years.
High gasoline prices are one of the main criticisms that have been leveled at Biden, and it could affect him in the elections that will take place in both 2022 and 2024, and in which inflation will be a major problem, if not a determining factor.
High gasoline prices in the country could last until 2023
Gasoline prices have topped $5 a gallon across the country. If more geopolitical conflicts occur this figure could increase. It should be noted that a recession could reverse the trend, if it is shocking enough to substantially reduce demand.
Gasoline prices can take a heavy toll on household budgets, especially for low-wage Americans who have to drive a considerable distance.
For those who drive several hundred miles each month, the additional cost with higher prices can be well over $100.
Cars or light trucks that have low gas mileage can face cost increases of close to $300. For a family with an income of less than $2,500, the impact will be tremendous.