US President Joe Biden said the increase in gas prices and food shortages around the globe are due to Russia's invasion of Ukraine.
"The bottom line is ultimately the reason why gas prices are up is because of Russia. Russia, Russia, Russia. The reason why the food crisis exists is because of Russia," Biden said during a news conference at the NATO summit in Madrid.
Russia has blockaded Ukrainian Black Sea ports, not allowing grain to be exported from one of the main areas of grain production in the world.
"In addition, at home ... I've released a million barrels of oil per day from our oil reserve, and in addition to getting other nations to move forward, a total of 240 million barrels of oil to release from the Strategic Petroleum Reserve, number one. Number two, I have asked Congress, would they in fact go and temporarily end the tax on gasoline at the pump, and, thirdly to ask the states to do the same thing. If we do these things, it is estimated we could bring down tomorrow, if they — if Congress agreed and the states agreed, we could bring down the price of oil about a dollar a gallon at the pump in that range," he said, adding it would bring "immediate relief."