“There’s a lot going on right now but the idea we’re going to be able to click a switch, bring down the cost of gasoline, is not likely in the near term. Nor is it with regard to food,” Biden said at the White House, where he was holding an event on the infant formula shortage…

“We can’t take immediate action that I’m aware of yet to figure out how we’re bringing down the prices of gasoline back to $3 a gallon. And we can’t do that immediately with regard to food prices either,” he said.

He pointed to the Russian invasion of Ukraine, and the ensuing effect on energy and grain, as the culprit.

“We’re in a situation where because of a war in Ukraine, gas prices and food prices are extremely high,” he said.