Following the new sanctions on Russia, the President promised he would use every means to prevent price hikes.
Yesterday, on the heels of increased hostilities from Russia directed toward Ukraine, United States President Joe Biden announced that the US would be imposing a fresh round of sanctions on Russia as punishment for their actions. Unfortunately, Russia is one of the largest suppliers of natural gas in the entire world, which means placing sanctions on them will make it harder to obtain fuel. This, in turn, will likely lead to rising fuel costs in the US.
“As I said last week, defending freedom will have costs, for us as well and here at home,” Biden said in a public address. “We need to be honest about that. But as we do this, I’m going to take robust action to make sure the pain of our sanctions is targeted at the Russian economy, not ours.”
Biden said that the administration is using “every tool at our disposal” to prevent the price hikes from getting too severe.
The U.S. economy has been hit with increased gas prices, inflation, and supply-chain issues due to the Ukraine crisis. https://t.co/d9dwXWpcvf
— CBS News (@CBSNews) February 23, 2022
“We’re executing a plan in coordination with major oil producing consumers and producers toward a collective investment to secure stability and global energy supply,” he explained. “This will be – this will blunt gas prices. I want to limit the pain the American people are feeling at the gas pump. This is critical to me.”