President Biden vows to limit rising gas prices as wheat prices soar

"I will do everything in my power to limit the pain that Americans are feeling at the gas pump," Biden said.

ByAlyana Gomez WPVI logo
Thursday, February 24, 2022
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DOYLESTOWN, Pennsylvania (WPVI) -- Just hours after Russia's overnight invasion of Ukraine, President Joe Biden reassured Americans that the U.S. is taking active steps to bring down the cost of gas, while urging oil and gas companies not to exploit this issue by raising prices.

"I will do everything in my power to limit the pain that Americans are feeling at the gas pump. This is critical to me," said Biden.

"I kind of anticipated things are going to get worse so I took my big truck and filled it up, that's $400 of diesel fuel. It didn't use to be that much," said Mark Fischer, owner of Castle Valley Mill.

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Fischer, owner of Castle Valley Mill in Doylestown, says the cost of transporting the 4,000 bushels of wheat needed to fill up their grain bins is just one burden impacting his bottom line.

The rising price of food is another. On Thursday, Wheat prices soared more than 5%, amid fears that a war between Russia and Ukraine could disrupt the global supply.

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The two countries together produce about a quarter of the world's wheat and are major suppliers of corn and sunflower oil.

"When you have these basic commodities that you just expect to always be there, suddenly be in short supply, everything goes up rapidly," said Fischer.

All of this uncertainty could force U.S. manufacturers to rely on their own supply to meet the demand.