Inflation is at 8.6 percent, now growing the fastest since 1981. Gasoline, housing and food costs are up. Speaking in Los Angeles, President Biden blamed higher prices on worldwide shippers who are price gouging and Russia’s war in Ukraine. Many economists also blame pandemic-related stimulus money and the FED for not acting sooner. Pressure is building on Federal Reserve Chairman Jerome Powell to raise interest rates faster and bring inflation under control.

A reporter in the press pool following Biden asked the president for his thoughts about the nationwide average price of gas exceeding $5 per gallon. Biden deferred blame to the ongoing invasion of Ukraine.

"It's outrageous what the war in Ukraine is causing," Biden began.

The president then proceeded to emphasize the government's decision to tap into U.S. oil reserves.

"We're trying very hard to make sure we can significantly increase the amount of barrels of oil that are being pumped out of the reserve we have," he added.