Joe Biden just made one decision that will send gas prices through the roof
Gas prices have already hit a record high.
But the situation is about to get worse.
That’s because Joe Biden just made one decision that will send gas prices through the roof.
Republicans blasted Joe Biden for funding both sides of the Russian invasion of Ukraine.
On one hand, the United States is sending military aid to Ukraine while at the same time funding the Russian war effort by continuing to buy oil from Putin.
That is now set to change.
The United States and the United Kingdom are set to announce they are banning imports of Russian oil.
“The U.S. and the U.K. will impose a ban on U.S. imports of Russian energy on Tuesday without the participation of European allies, according to people familiar with the matter,” Bloomberg reported.
“The U.S. ban will include Russian oil, liquefied natural gas and coal, according to two people, who spoke on condition of anonymity,” Bloomberg continued, adding that “the decision was made in consultation with European allies, who rely more heavily than the U.S. on Russian energy, another person said.”
“The U.K. move will be done in concert with the U.S. and the ban will be phased in over the coming months, according to the person, who requested anonymity speaking about policy that hasn’t yet been announced. The ban won’t apply to Russian gas, the person said,” Bloomberg concluded.
Oil hit a record of $4.11 on Monday over fears that a ban on Russian oil would soon follow.
Some energy traders believe prices could reach $200 a barrel.
America imports 670,000 barrels of oil per day from Russia.
Without replacing this oil on the global marketplace, the price of a barrel of oil will skyrocket.
Of course, Joe Biden knows that is political suicide.
But his plan to mitigate the pain inflicted on the American public is to try and negotiate deals with the Russian-allied governments of Venezuela and Iran, as well as Saudi Arabia, to increase production of oil.
However, Joe Biden has no plan in place to ramp up domestic production of oil and natural gas.
Joe Biden wants less oil and natural gas available because of his ultimate plan to impose Green New Deal style policies that shift America towards more expensive and less efficient wind and solar energy sources.
Banning Russian oil without a comparative increase in production of domestic oil and natural gas is a disastrous step that will inflict massive economic pain on the U.S. consumer.