By Yasin Ebrahim
Investing.com - President Joe Biden on Tuesday hailed the "historic progress" seen in the economic recovery since he took office, and said the move to tap emergency oil reserves would eventually lead to lower fuel prices.
"We’ve made historic progress in the last 10 months,” Biden said, highlighting the 5.6 million jobs created since he took office in January. The president, however, also admitted that there was still work to be done, particularly on efforts to curb inflation.
“Disruptions related to the pandemic have caused challenges in our supply chain, which have sparked concern about shortages and contributed to higher prices,” Biden said.
Surging energy prices have added to inflation pressures for many Americans, but Biden said the move to release 50 million barrels of oil from the strategic petroleum reserve would eventually lead to lower fuel prices.
“It will take time, but before long, you should see the price of gas fall where you fill up your tank,” Biden added.