WASHINGTON, D.C. – President Biden announced Tuesday that the United States will ban imports of oil and natural gas from Russia, a decision reached after days of behind-the-scenes talks that revolved around protecting the global economy from an energy shock.
The price of a gallon of gas in San Angelo is around $4 and rising as of Tuesday morning.
The move represents one of America’s most far-reaching actions to penalize Moscow since the beginning of its invasion into Ukraine. It would carry enormous geopolitical consequences, as the price of oil has already skyrocketed since Russia’s invasion of Ukraine, creating huge new costs for businesses and consumers.
“Americans have rallied to support the Ukrainian people and have made it clear we will not be part of subsidizing Putin’s war,” Biden said Tuesday, explaining why he was banning the imports.
Experts have warned gas prices could reach as high as $10 per gallon unless the Biden administration allows for more drilling and exploration in the U.S. and re-starts the Keystone XL Pipeline.
Democrats are worried a sustained period of high gas prices heading into the November general election could severely hurt their chances of holding on to the U.S. House and Senate.
Subscribe to the LIVE! Daily
Required
Post a comment to this article here: