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Biden Fails to Act as Gas Prices Increase

Biden Fails to Act as Gas Prices Increase

Oil prices skyrocketed this week as the US and its allies discussed banning Russian energy imports. Brent crude jumped to $139.13 per barrel and WTI hit $130.50 per barrel Monday before sliding down to $123.21 and $119.40, respectively. 

“We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets,” said Secretary of State Antony Blinken on Sunday. “That’s a very active discussion as we speak.” 

Oil prices had already been on the rise due to the pandemic and have increased by more than 60% since the start of the year. Now, the average price of gas in the US is $4.17 (up from $3.61 a week ago).

“We consider $125 per barrel, our near-term forecast for Brent-crude oil, as a soft cap for prices, although prices could rise even higher should disruptions worsen or continue,” said USB commodity analyst Giovanni Staunovo, adding that a prolonged war in Ukraine could drive prices as high as $150. 

Russia is the world’s second largest oil exporter and produces nearly 10% of the global supply. Some analysts have warned that a ban on Russian oil could send prices to $200 or higher. The resulting impact on gas prices could very well cause a recession as consumers are forced to cut spending to compensate.

So many companies have already stopped using Russian oil that over 60% of the nation’s producers are struggling to find buyers. Major American companies including Starbucks, McDonald’s, and Coca-Cola have already left Russia. British Petroleum (BP) – the largest foreign investor in Russia – ditched its nearly 20% stake in Russian oil company Rosneft, walking away from a 30-year partnership in a move that is expected to cost $25 billion.

“I have been deeply shocked and saddened by the situation unfolding in Ukraine and my heart goes out to everyone affected, said BP Chief Executive Bernard Looney. “It has caused us to fundamentally rethink BP’s position with Rosneft.”

Germany, on the other hand, says it will continue to use Russian oil in fear that a pause could produce a sharp uptick in inflation. Japan made a similar statement, explaining that it would not be able to easily replace Russian oil with other sources. India, which enjoys robust trade with Russia, is actively looking for ways to skirt the sanctions.

In the meantime, House Speaker Nancy Pelosi (D-CA) is drafting a bill that would ban Russian oil imports in the US, halt trade relations between the US and Moscow, and restrict Russia’s access to the World Trade Association (WTO). US officials have also resumed talks with sanctioned oil producers Iran and Venezuela, though Russia has already demanded the US provide a guarantee that any sanctions on Russia will not interfere with trade between Moscow and Tehran.

Saudi Arabia and the UAE – major oil producers who could take action to balance the global oil supply – said they would not be getting involved at this time.

Author’s Note: The United States is the world’s top oil producer and there is no reason we should be importing oil from other countries. President Biden should take immediate action to facilitate energy independence. If he does not, Americans will be forced to endure increasing gas prices and who knows what else.


Oil Price Spikes to $139 on Talks About Russian Oil Ban, Iran Deal 
US crude oil spikes to 13-year high of $130 overnight, then gives up most of that gain
Oil is up 60% this year. How high can prices go?

BP quits Russia in up to $25 billion hit after Ukraine invasion

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  1. Perry

    Biden doesn’t know what to do. He’s an idiot

    • Florida Phil

      That was the old analysis of Joe B. With time and aging, he’s become an imbecile. So now, he’s best described as an imbecilic idiot.

  2. Paul

    This is exactly what the democrats , greenies and bidet desire. High prices on gasoline, natural gas, electricity , water , sewage and groceries. They aim to destroy our ways of life. So all of you fools that support them can go straight to Hades.

    • Ben

      Hades: just go to Mara Loser and take a hard right.

      Yes, Democrats won high prices on everything. Democrats want to destroy our ways of life. Democrats want to establish communist rule where everybody gets paid equally, all citizens contribute, and no one profits on equally. Terrible things we will stop them. We will never serve Buden. I know you cheated in the election and we can prove it, the rifle president Donald Jay Trump rules America from Marl Largo. In 2024, he will return with JFK Junior at his side. He will make America great again, again which is stealing Ronald Reagan’s saying and adding one more again to it, it’s even better than Reagan under Trump.. Kind of like doing nothing but after and then renaming it makes it better. And then without Trump at the helm we will attack the communist, we will nuke the communist, and after that, we may even go after Putin. Make sure you donate, buy your 2020 for Trump flags, come to the rallies, bring money.

      • Theodore Sueck

        Ben, I’m still wondering if you were born this stupid, or if it took years of indoctrination? You never have answered this simple question.

        • jeffery neider

          hey Theodore, the inflation that the gas prices are causing are Mr. Biden’s and the green new deals fault. your opinion can’t change that. go back to 1973 and the Arab oil embargo when the same exact thing happened. history is repeating itself and Mr. Biden is OLD enough to remember that if he isn’t senile after all!

    • StealthFighter


  3. SammY Knows Americans

    Nancy Pelosi couldn’t draft a letter to Santa Claus.
    In fact, I heard Biden is asking Santa Claus for oil.