(MENAFN) President Joe Biden said on Wednesday that Washington was aware that sanctions on Russia will have consequences for the US, including an increase in oil costs.
Biden, speaking at the White House, blamed Russia for rising US fuel prices, claiming that the American people and the rest of the globe will pay a price for standing with Ukraine.
“We cut off Russian oil into the United States, and our partners in Europe did the same, knowing that we would see higher gas prices.” he stated, noting that the US Congress provided near unanimous support to the oil ban, “knowing full well the cost.”
Gasoline prices in the United States are presently hovering above $5 per gallon, up from around $3 per gallon a year ago. The US government, according to Biden, is doing all possible "to reduce this pain at the pump." The president recommended suspending the 18-cent federal gas tax for three months and urged states to eliminate their own fuel levies. Biden also asked oil refineries to expand their capacity.
MENAFN23062022000045011137ID1104423003
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.