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Biden Says He’s Directed Economic Aides to Focus on Energy Costs

Published 11/10/2021, 10:07 AM
Updated 11/10/2021, 10:27 AM
© Bloomberg. U.S. President Joe Biden speaks on the passage of the Bipartisan Infrastructure Deal in the State Dining Room of the White House in Washington, D.C., U.S., on Saturday, Nov. 6, 2021. The House on Friday passed the biggest U.S. infrastructure package in decades, marking a victory for President Biden and unleashing $550 billion of fresh spending on roads, bridges, public transit and other projects in coming years.
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(Bloomberg) -- President Joe Biden said he’s directed his top economic aides to focus on reducing energy prices, which he blamed for accelerating U.S. inflation.

“Inflation hurts Americans pocketbooks, and reversing this trend is a top priority for me,” Biden said in a statement after the consumer price index rose in October at the fastest annual pace since 1990.

“The largest share of the increase in prices in this report is due to rising energy costs,” Biden said, though he noted that natural gas prices have fallen since data for the October report were collected.

“I have directed my National Economic Council to pursue means to try to further reduce these costs, and have asked the Federal Trade Commission to strike back at any market manipulation or price gouging in this sector.”

 

©2021 Bloomberg L.P.

© Bloomberg. U.S. President Joe Biden speaks on the passage of the Bipartisan Infrastructure Deal in the State Dining Room of the White House in Washington, D.C., U.S., on Saturday, Nov. 6, 2021. The House on Friday passed the biggest U.S. infrastructure package in decades, marking a victory for President Biden and unleashing $550 billion of fresh spending on roads, bridges, public transit and other projects in coming years.

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