President Joe Biden said during a CNN town hall event on Thursday night that there is not much he can do to lower soaring gas prices, which have reportedly reached as high a $7.59 in at least one town in California.

“My guess is you’ll start to see gas prices come down as we get by — going into the winter — I mean, excuse me, into next year, in 2022,” Biden continued. “I don’t see anything that’s going to happen in the meantime that’s going to significantly reduce gas prices.”

“I must tell you, I don’t have a near-term answer,” Biden later added. “There’s two things I could do: I could go in the petroleum reserve and take out and probably reluce [sic] — reduce the price of gas maybe 18 cents or so a gallon. It’s still going to be above three bucks. And one of the things that I refuse to have happen, because I didn’t want anybody — I made a commitment: If you pass the stuff I’m talking about, not — not one single penny in tax would go against anybody making less than 400 grand.”