LOS ANGELES — President Biden on Friday praised port workers for speeding up supply chains and said his legislative agenda would cut families’ monthly costs as he grapples with inflation that rose to a new 40-year high in May and remains a huge drag on his presidency.
The president also denounced oil companies for soaring gas prices, saying “Exxon made more money than God this year. Exxon, start investing and start paying your taxes.”
Speaking at the Port of Los Angeles, Mr. Biden deflected the worsening economic news by saying inflation is a global problem and even higher in some other nations, and said Russian President Vladimir Putin’s invasion of Ukraine is exacerbating the problem.