Unsurprisingly, in a public speech at the White House, United States President Joe Biden, announced a ban on all Russian imports of oil, gas and energy. The decision was made in consultation with US allies, Biden added, noting that he understood that many European allies that do not produce as much energy cannot join the US. Biden said the United States and its allies remain united in efforts to pressure Russian President Vladimir Putin to end his war in Ukraine.
There will be a cost to these measures in the US, Biden said, but both Republicans and Democrats agree that we must do this. The United States will share the responsibility of caring for the refugees from Ukraine. Putin’s war will hurt American families at the gas pump, Biden noted, saying gas prices will rise further with this move. Biden called on oil companies not to engage in excessive price gouging.
Biden said the current crisis is a reminder that the US must be energy independent, adding that it should also motivate us to accelerate the shift to cleaner energy. The transition to clean energy will eventually serve to lower energy costs, Biden noted.
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
