US gas prices: Huge support for Biden Russia ban despite ‘Putin spike’ in energy costs
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US gas prices have hit an all-time high at the pump.
American motorists are now paying an average of $4.173 a gallon when they fill up, according to AAA, previously known as the American Automobile Association.
The previous record, $4.10 a gallon, was set in July 2008 – adjusted for inflation that would be around $5.37 in 2022 prices.
AAA data shows that gas prices increased 10 cents in one day and 55 cents compared to last week.
The spike in prices comes as President Joe Biden announced a ban on all imports of Russian oil and gas as part of his administration’s efforts to “continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine”.
“I’m going to do everything I can to minimize Putin’s price hike here at home,” Mr Biden says, adding “Russian aggression is costing us all.”
Meanwhile, the price of Brent crude oil, the international benchmark, has jumped almost eight per cent on Tuesday to $132.79.
White House Press Secretary Jen Psaki said during a gaggle with reporters: “Americans are paying a higher price at the pump because of the actions of President Putin.”
“This is a Putin spike at the gas pump, not one prompted by our sanctions.”
Despite the price rises, one poll shows the move by Mr Biden enjoys the support of 79 per cent of Americans and even 72 per cent of Trump supporters.
‘Get ready for $6/gallon'
Fortune spoke with David Rundell, who served as an American diplomat for 30 years in Washington, Bahrain, Saudi Arabia, Syria, Tunisia, and the United Arab Emirates, who warns that the deteriorating state of diplomatic affairs with Saudi leaders will hit Americans in the wallet.
“Russia and Saudi Arabia are the world’s two largest oil exporters. If we had good relations with Saudi Arabia, they would have stepped in to help as they have done many times in the past,” said Rundell, who is currently a partner at Arabia Analytica, a consulting firm focused on the Middle East.
“But our relationship with Saudi leaders continues to worsen. So, get ready for $6 a gallon.”
‘Democrats creating a fake choice'
Speaking on the floor of the House of Representatives, Minority Leader Kevin McCarthy said: “Democrats are creating a fake choice between sanctioning Russia and lowering gas prices. In their twisted thinking, Americans must feel the pain at the pump in order to punish Putin ... we must prioritise American energy independence.”
Harris: ‘Broad support across country to keep pressure on Putin'
Commenting on the Russian oil and gas ban, Vice President Kamala Harris said: “This Executive Order builds on the unprecedented economic costs already imposed on Russia and is based on broad support across the country to keep the pressure on Putin.”
Brent crude up 8 per cent
The price of oil has surged recently on worries global supplies will be upended by the war in Ukraine and its ramifications because Russia is one of the world’s largest producers.
After President Joe Biden announced the ban on imports of Russian oil, a barrel of US crude was 6.9 per cent higher at $127.61 per barrel. It got even higher a day before as worries rose about a possible ban, reaching $130.50.
Brent crude, the international standard, rose 7.8 per cent to $132.79.
Already high oil prices have pushed the average price of a gallon of gasoline in the country to a record high. Mr Biden said he hopes to limit the pain for Americans, but he acknowledged that the ban will increase gasoline prices.
“Defending freedom is going to cost us as well,” he said.
Mr Biden also said he understood many European allies may not be able to make similar moves, because they are much more dependent on Russian energy supplies. European nations have said they plan to reduce their reliance on Russia for their energy needs, but filling the void without crippling their economies will likely take some time.
The US ban on Russian oil imports is the latest move by governments and companies around the world to squeeze Russia’s finances following its attack on Ukraine. All the penalties raise questions about how high prices will go for oil, natural gas, wheat and other commodities where the region is a major producer. That’s, in turn, adding more pressure to the already high inflation sweeping the world, cranking up its hold on the global economy.
AP
Zelensky ‘thankful’ for Biden move on Russian oil and gas
Ukrainian President Volodymyr Zelensky has tweeted his thanks for the Biden administration’s move to ban the import of Russian oil and gas.
He wrote: “Thankful for US and @POTUS personal leadership in striking in the heart of Putin’s war machine and banning oil, gas and coal from US market. Encourage other countries and leaders to follow.”
‘Putin spike at the gas pump'
White House Press Secretary Jen Psaki said during a gaggle with correspondents: “Americans are paying a higher price at the pump because of the actions of President Putin.”
“This is a Putin spike at the gas pump, not one prompted by our sanctions.”
Europe ‘faces recession and financial crisis if Russia turns off gas’
Europe would be plunged into a deep recession and financial crisis as economic activity collapses if Russia follows through with its threat to halt gas supplies into Europe, experts have warned.
It came as western governments unveiled a co-ordinated barrage of measures aimed at slashing reliance on Russian fossil fuels and cutting off funding to Vladimir Putin’s war machine.
The EU said it aimed to reduce dependence on Russian gas by two thirds before the end of this year and end imports completely by 2030, despite threats from Moscow to retaliate against energy sanctions by cutting off vital supplies more quickly.
Ben Chapman reports.
Europe ‘faces recession and financial crisis if Russia turns off gas’
‘Everything from here on is pain’ as EU, UK and US unveil plans to aggressively cut dependence on Russian fossil fuels, despite Moscow’s threat of retaliation
Broad support for Biden’s Russian oil ban
Per Quinnipiac:
At nearly the end of week two of Russia’s invasion of Ukraine, as the US and its allies consider ratcheting up sanctions against Russia, Americans say 71 - 22 per cent that they would support a ban on Russian oil even if it meant higher gasoline prices in the United States, according to a Quinnipiac University national poll of adults released today.
Democrats (82 - 12 percent), independents (70 - 22 percent), and Republicans (66 - 30 percent) all support banning Russian oil.
US spy chiefs warn Putin may intensify Ukraine assault
Situation in Kyiv could be “desperate” in 10 days warn US intelligence chiefs. Graeme Massie reports.
US spy chiefs say situation in Kyiv could be ‘desperate’ in 10 days
US spy chiefs have warned that Vladimir Putin may intensify his unprovoked attack on Ukraine and that the situation in Kyiv may become “desperate” in the next 10 days.
RNC says pain at pump made worse by Biden
Republican National COmmittee Chairwoman Ronna McDaniel released a statement regarding the new record high gas prices.
“Under Joe Biden, families are paying more for gas than every before. After killing American energy independence, Biden is turning to our adversaries abroad for America’s energy needs. American families are feelin the pain at the pump, and Biden and the Democrats do not care and are making it worse.”
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