The US president harshly criticized Vladimir Putin in a speech on Monday. In addition to condemning the Russian invasion of Ukraine, Biden said that the fuel increase is Russian responsibility: “make no mistake, the responsibility lies with Putin and his invasion of another country, the whole world is watching.”
The US and its trade allies have imposed economic sanctions on Russia in an attempt to stop the offensive in Ukraine, but Putin has resisted and sought to circumvent the restrictions.
Biden reaffirmed the US recovery plan, with new investments in infrastructure and construction: “These investments accounted for only 0.3% of inflation, but returned over 6 million jobs in the last year alone.”
Rise in the price of oil
O Petroleum started in 2021 an upward trajectory, intensified by the war between Ukraine and Russiaand can now reach prices of US$ 150 or US$ 200 a barrel, according to Adriano Pires, director of the Brazilian Infrastructure Center (Cbie).
In an interview with CNN on February 26, he stated that “50% of the gas consumed in the Europe comes from Russia, and it’s winter in the Northern Hemisphere, more than ever gas is needed to heat homes, offices, basic things for the population. Today, there are three gas pipelines that cut through Ukraine bringing gas from Russia, the concern I have is if there was an accident in one of these pipelines, it could interrupt a large part of the gas”.
The specialist’s expectation is for a continued rise in the short term, until demand is “destroyed” via an increase in oil, gas and fuel prices. “It’s a worldwide phenomenon, it’s expensive all over the world and it’s going to get more, with an oil scenario at US$ 150, US$ 200, which I see as feasible because it depends on how the war goes”.
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Source: CNN Brasil
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