The latest inflation numbers could show another 40-year high as food, gas and car prices continue to increase.
If gas prices increase by $1, that would bring the national average to $4.20, the highest since 2000 when gas peaked at $4. "You should expect to see at least a monthlong increase in prices in crude oil and natural gas, because it's going to escalate and deescalate. It's going to take a lot of effort," Krishnamoorti said.There is something Krishnamoorti says Biden can do to help in the short term.
"We have the Strategic Petroleum Reserve that's available at the president's hand. That's a tool available at many of the biggest developing countries -- China, India, Europe," Krishnamoorti said."They all have a petroleum reserve. If they open up the spigots there, that in the short term will alleviate fears in the market."
In November 2021, Biden ordered 50 million barrels of oil be released from America's reserve to help bring down energy costs. It was the largest-ever release of barrels from the Strategic Petroleum Reserve.
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