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Gas prices continue to rise as Biden fights inflation with mixed success

President Biden continues efforts to mitigate inflation’s impact on oil prices, as AFG Investments Chief U.S. Policy Strategist Greg Valliere weighs in on his approaches. Segment originally aired on July 5, 2022.

Video Transcript

GREG VALLIERE: In terms of the inflation impact, you know, it's a few tenths of 1%. But when we've got an inflation rate of 8%, that's not a lot. But at the same time, I'm encouraged that maybe the US and China are getting a little closer after this acrimony we've had for several years. We'll have to wait and see.

But I think that this will be one of these split the difference decisions where the president will have to do something that organized labor likes, but he's going to have to do something that Janet Yellen likes. He's pretty much out of bullets. I thought that his call for a tax holiday on gasoline was a stunt, and it's never going to make it through Congress. That's pretty clear.

He'll go to Saudi Arabia in a couple of weeks. That might have some impact. But no, what's going to bring the prices down of all these commodities is an economic slowdown. And that's exactly what we're seeing in the markets right now.