Gasoline Prices Set To Soar As Biden Vows To “Defend Freedom”

U.S. gas prices may keep on rising, President Joe Biden warned on Tuesday, after the American President sanctioned Russian assets.

The sanctions, which the United States levied on Russia after its invasion of Ukraine, didn’t go as far as some would have liked, sanctioning Russian bank VEB and its military bank, and its foreign sovereign debt.

The sanctions, while cutting off Russia’s access to U.S. dollars and Western financing, will cause U.S. gasoline prices to rise.

“Defending freedom will have costs for us as well,” Biden said on Tuesday, according to The Epoch Times.

Tuesday’s sanctions followed reports that Russian President Vladimir Putin had ordered “peacekeeping forces” into the two separatist regions—regions which Russia recognized as independent republics on Monday.

Tensions between Ukraine and Russia have been a powder keg, just waiting to blow for days now, threatening to hoist oil prices even further toward $100 a barrel—or even more. The only known—and speedy--cure for those higher oil prices now is a nuclear deal with Iran. Such a deal would allow Iran to export its crude oil with greater ease. But more importantly, it would give the market more confidence that OPEC has the ability to adequately supply the market.

Along with his warning, President Biden assured Americans that he would make sure “the pain of our sanctions is targeted at [the] Russian economy, not ours.” President Biden further said he would attempt to limit that pain that is coming for U.S. consumers at the pump.

Gasoline prices have been a worry for American consumers—and for President Biden—since he took office. On Monday, Gas Buddy data showed that U.S. gasoline prices had risen for the eighth straight week.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:

• OPEC Is Ready To Embrace $100 Oil
• Oil Prices Temporarily Break $99 As Russian Troops Move Into Ukraine
• 5 Commodities That Could Explode As The Ukraine Crisis Escalates