inflation at its highest level in almost 40 years

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Inflation is still higher in the United States. The rise in prices over one year reached 8.5% in March. It is a peak in 40 years. This is a real difficulty for the American president who seeks by all means to limit the rise in prices, in particular at the pump, and to explain it by international tension.

With our correspondent in Washington, Guillaume Naudin

Joe Biden is looking for gas wherever he can find it. Even in rural states. This Tuesday, he was in Iowa to announce the authorization of the sale of more biofuels. It is mainly energy and in particular fuels that are driving prices up.

In question, the demand which is on the rise again after two years of pandemic, in a country where it is not possible to live without a car. But also the war in Ukraine and the behavior of the Russian president, questioned more and more strongly by Joe Biden.

I will not wait to act for American families. I’m doing everything I can with my executive order powers to lower prices and respond to Putin’s price misrepresentation, launched the American president. In fact, we have already made progress since this March data was collected. Your family budget, your ability to fill your tank, none of this should depend on a dictator’s decision to declare war and commit genocide on the other side of the world. To combat this Putin price hike, I have already authorized the drawing of one million barrels per day for the next six months from our strategic oil reserves. »

This is the first time that Joe Biden has employed the term genocide regarding the situation in Ukraine. And this is not a new blunder. The term is assumed a few minutes later by the president in an aside with journalists. It is not certain that this contributes to lowering international tension and therefore tension on the crude market.

The White House has somewhat mitigated the cost of this price surge by using what we will call traditional weapons, such as aid.

Philippe Crevel, economist and director of the Cercle de l’épargne

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