Biden Says Gas Prices Will Rise, Calling It ‘Putin’s Price Hike’

russian oil tanker

russian oil tanker

In a Tuesday address, President Joe Biden announced that the US will be banning imports of Russian oil, and that the US would be sharing the responsibility of caring for refugees displaced in the conflict, so “the costs do not fall entirely on the European countries bordering Ukraine.” [bold, links added]

“Today I’m announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energies,” Biden announced.

“That means Russian oil will no longer be acceptable at US ports, and American people will deal another powerful blow to Putin’s war machine,” he added.

Biden noted that the action has had “strong” bipartisan support, as well as support amongst Americans.

“Americans have rallied to support the Ukrainian people and made it clear we will not be part of subsidizing Putin’s war,” said Biden, who added that the decision was made in “close consultation with allies around the world.

He said the US produces “far more oil domestically than all of Europe combined,” and would take this step “when others cannot,” adding that his administration is working closely with Europe to reduce their dependence on Russian energy.

“This is a step that we’re taking to inflict further pain on Putin,” said Biden. “But there will be cost as well here in the United States. I said I would level with the American people from the beginning, and when I first spoke to this I said defending freedom is going to cost, it’s going to cost us as well, in the United States.”

Biden continued on to note that the US has provided more than 41 billion in security assistance to Ukraine and that shipments of defensive weapons are arriving in the country every day from the US.

Biden also warned about a jump in gas prices, calling it “Putin’s price hike.”

The decision today is not without cost here at home. Putin’s war is already hurting American families at the gas pump. Since Putin began his military buildup on Ukrainian borders, just since then, the price of the gas at the pump in America and 75 cents. And with this action, it’s going to go up further. I’m going to do everything I can to minimize Putin’s price hike here at home,” Biden stressed.

Biden also claimed that his administration and policies are not “holding back domestic energy production.”

“That’s simply not true,” said Biden. “Even amid the pandemic companies in the United States pumped more oil during my first year in office than they did during my predecessor’s first year. We’re approaching record levels of oil and gas production United States, and we’re on track to set a record for oil production next year.”

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