National Economic Council Director Brian Deese said the Biden administration is doing everything it can to bring down gas prices.
National Economic Council Director Brian Deese said the Biden administration is doing everything it can to bring down gas prices. Biden just sold America's oil reserves to China.
White House Director of the National Economic Council Brian Deese said during an interview with Bloomberg Markets: The Open Thursday that President Biden is doing "everything [he] possibly can" to combat high gas prices.
"We have to act and we have to show action on behalf of the American people. That’s exactly what the president is doing," Deese said. "He’s saying bringing prices down is his top priority and every day he’s focused on practical things that he can do."
Deese referenced the Biden administration’s release of America’s strategic oil reserves as evidence that the president is doing everything in his power to fight high prices.
"So the release of oil from the strategic petroleum reserve sounds esoteric to people but oil market analysts you’ve had on this show will say it was single-handedly responsible for keeping oil prices from going higher," he said.
White House economic adviser Brian Deese was asked about the Biden administration's plan for inflation during CNBC's "Squawk Box" on Tuesday. REUTERS/Kevin Lamarque
This came as the Biden administration faced criticism this week for reports that some of America’s oil reserves were sent to China and other nations.
"The American people deserve answers as to why our emergency energy reserves are being sent to foreign adversaries like the Chinese Communist Party, compromising our energy security and national security," House Energy and Commerce Committee Ranking Member Cathy McMorris Rodgers said.
Deese also said, "We’re starting to see a little bit of that moderation at the pump" regarding gas prices. "The president is saying let’s do more. Let’s do everything we possibly can," he said.
Biden recently blamed individual gas stations for the high price of gasoline, which drew criticism from even liberals such as Amazon founder Jeff Bezos.
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Brian Deese appeared on CNN's "State of The Union" to talk inflation and more. (Screenshot/CNN)
Deese also noted that Biden called for a gas tax holiday in his defense. However, many have criticized the proposed gas tax holiday as ineffective in bringing down prices given that such tax relief would increase demand and hence prices.
Even former President Obama criticized a proposed gas tax holiday on the campaign trail in 2008 as a "gimmick".
"You need a president who’s going to keep at it and who’s going to communicate clear to the American people that we are making progress. That we have made enormous economic progress, but that he is not satisfied and we will stay at it," said Deese.
President Biden has presided over historic gas prices during his term. (Photographer: David Paul Morris/Bloomberg via Getty Images)
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Biden's poll numbers are sinking amid concerns that he is failing to adequately confront the nation's economic problems.