• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 days The United States produced more crude oil than any nation, at any time.
  • 10 days e-truck insanity
  • 10 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days How Far Have We Really Gotten With Alternative Energy
  • 9 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 9 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 10 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
OPEC+ Rules in an Increasingly Tight Oil Market

OPEC+ Rules in an Increasingly Tight Oil Market

The market is growing increasingly…

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:

Join the discussion | Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News