President Biden admitted during a CNN town hall Thursday night that he has no immediate solution to the problem of spiking gas prices and suggested that Americans would not start seeing relief at the pump until next year.

“I must tell you, I don’t have a near-term answer,” Biden added before musing on the possibility that he could “go in the [Strategic] Petroleum Reserve and take out and probably reduce the price of gas maybe 18 cents or so per gallon, [but] it’s still gonna be above three bucks.”.

AAA attributed the price spike to high demand, high crude oil prices and a drop in gas stocks — which Biden sought to blame Thursday on OPEC and its oil-producing allies in the Middle East.

“So what will happen is, you’re going to see a dramatic drop, a dramatic drop, in what’s gonna happen in terms of gas prices as we go into the next two or three years,” the president promised.