On January 26, US Vice President Pence stated in an interview that the government is taking actions to increase employment and reduce energy prices, hence prices are expected to start decreasing, though this may not happen immediately.
Pence, speaking on CBS News’ “Face the Nation” program, mentioned, “Prices will decrease, but it will take some time as the president has only been in office for five days. We will work with Congress, and there will be more executive orders to come.”
When asked about which executive orders signed by Trump during his inauguration relate to prices, Pence indicated that several executive orders have begun to take effect. He emphasized, “Job positions are starting to return to our country, which is a key part of reducing prices.”
He stated, “Further investment in capital and creating more job opportunities will drive down prices for all consumers, while also raising wages so that people can afford what they need.”
Pence also mentioned that addressing the issue of energy prices will help in reducing daily expenses. He gave an example, saying that bacon, which relies on trucks powered by diesel fuel for transportation, incurs diesel usage by farmers raising pigs; if diesel prices are too high, the cost of bacon will increase. “So, if we lower energy prices, consumer prices will decrease, which is what we are striving for.”
He added, “Everything we are doing in the energy sector, including exploring more energy reserves in the US and developing more energy resources, is part of our efforts. One of the main reasons for the significant price hikes during the Biden administration was the soaring energy prices.”
Pence said that the new administration has taken multiple actions to lower energy prices. He commented, “I believe this means that consumers will see lower gasoline prices at gas stations and grocery stores, but this will take some time.”
During the week Trump assumed office, he signed dozens of executive orders involving immigration, inclusive policies, and issues such as the TikTok ban. He also reversed 78 of Biden’s executive actions, many of which were related to climate change initiatives.
(Reference: CBS report)