Facing growing political pressure over soaring inùation and looming midterm elections, the White House is trying to reassure the electorate that it knows how painful it is, and that it's working on it. But the reality is that when it comes to dealing with politically sensitive oil and gasoline prices, the Biden administration’s tools remain limited. US President Joe Biden took to the pages of the Wall Street Journal this week to express solidarity with those hurting from higher prices. "Energy markets are in turmoil, " he wrote. “I grew up in a family where it mattered when the price of [gasoline] or groceries rose. " Biden administration ofocials who once predicted that inùation would likely be transitory are now acknowledging the sharp degree to which it’s taken hold.
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