Biden says there's no 'guarantee' country will 'get rid of inflation'
Biden said that oil companies are doing the U.S. 'a real disservice'
During remarks from the White House Wednesday President Joe Biden said he couldn't guarantee that inflation would go away in the second half of his term.
President Biden said during a press conference on Wednesday that he can't "guarantee" his administration will be able to get rid of the country's inflation issue.
Biden was responding to a reporter's question asking what he can "promise concretely in these next two years that will help turn the pocketbook for the better in the midst of staving off a recession."
"And so, but what I can't do is, I can't guarantee that we're going to be able to get rid of inflation," Biden said. "But I do think we can, we've already brought down the price of gasoline about a dollar a gallon across the board."
He went on to say that oil companies "are really doing the nation a real disservice."
BIDEN LAUGHS OFF NOTION THAT TRUMP'S POLITICAL MOVEMENT IS STILL 'STRONG'
US President Joe Biden smiles during a news conference in the State Dining Room of the White House in Washington, DC, US, on Wednesday, Nov. 9, 2022. Biden is speaking following a midterm election in which Democrats fared better than expected and avo … (Ting Shen/Bloomberg via Getty Images / Getty Images)
"They've made, six of them made over a hundred billion dollars in the last quarter in profit," Biden said.
In January 2021, when Biden took office, the consumer price index, a measure of everyday items such as gasoline, groceries and rents, was climbing at a 1.4% annualized basis.
MIDTERM ELECTIONS 2022: LIVE UPDATES
President Joe Biden speaks at a campaign event for New York Gov. Kathy Hochul, Sunday, Nov. 6, 2022, at Sarah Lawrence College in Yonkers, N.Y. (AP Photo/Patrick Semansky / AP Newsroom)
In September, prices climbed by 8.2% on an annual basis.
When compared to the same time last year, core prices, which exclude food and energy, rose by 6.6%, the fastest rate since 1982.
President Joe Biden speaks during a campaign event where he joined New York Gov. Kathy Hochul at Sarah Lawrence College in Yonkers, N.Y., Sunday, Nov. 6, 2022. (AP Photo/Craig Ruttle / AP Newsroom)
Biden made the comments about inflation one day after the midterm elections, which he says that Democrats fared well in, stating that a red wave didn't materialize.
CLICK HERE TO GET THE FOX BUSINESS APP
"While we don’t know all the results yet, at least I don’t know them all yet, here’s what we do know — the press and the pundits were predicting a giant red wave — it didn’t happen," Biden said.
FOX Business' Megan Henney contributed to this report.