“If we do not respond to Putin’s assault on global peace and stability today, the cost of freedom and to the American people will be even greater tomorrow,” Biden, the president of the United States, said on Tuesday. Biden stated on Tuesday.
President Joe Biden banned imports of Russian gas, oil, and coal. He also shut off a tiny flow of oil to America. The United States, but warned Americans that his decision to put economic pressure on Russia will undoubtedly result in increased prices for gas in the United States. “Defending freedom is going to cost,” Biden said. Biden said in televised remarks that announced the ban in the White House.
IMPACT ON THE ENERGY MARKET:
The consequences of the decision quickly sparked uncertainty across the energy markets that the oil supply will decrease. We have seen a record-breaking price of 72 cents over a month ago. The national average cost of a gallon of regular gas increased to $4.173 in the United States.
Officials claimed that the president. Biden had struggled for days on whether or not to cut off Russian oil in the fear of speeding up the already fast increase in the cost of gasoline. It’s a tense problem for the political system of Americans during an election year, and also will determine the extent to which people are willing to give up in the name of Ukraine.
U.S. consumers are already experiencing the pinch. In California, the prices for certain kinds of gas have hovered at around $6 over the past few days. On Tuesday, the average in the state was higher than $5.
The Vice President. Biden vowed to do the best he could to reduce the impact that his decision will have on fuel prices, however, Biden did not mention whether it was the case that the United States would seek to import oil from countries that are already under sanctions, such as Venezuela and Iran.
He also advised oil companies in the United States not to take advantage of the ruling to raise prices arbitrarily.
“Russia’s aggression is costing us all,” Biden said. Biden said. “And it’s no time for profiteering or price gouging.”
EU RESPONSE:
The actions of Britain along with the E.U. were not enough to meet Mr. Biden’s request for a ban. The day before, Franck Riester who is the French minister of foreign trade, told Franceinfo radio station “everything’s on the table,” but said that officials should think about the “consequences” of an energy ban. In Italy where more than 40% of its energy from Russian gas, Prime Minister Mario Draghi has said the dependence on Russian natural gas poses a major weakness for the country.
Now that the saoudi and emirati joined the eastern side after a long silence we will see more price raises