President Joe Biden warned on Tuesday that gas prices are likely to rise as a result of new U.S. sanctions on Russia, though he pledged his administration would use “every tool” at its disposal to limit pain at the pump.
Speaking to reporters at the White House Tuesday afternoon, Biden announced what he called the “first tranche” of U.S. sanctions against Russia for its military escalation in Ukraine, which target major Russian banks and sovereign debt, as well as Russian elites and their families.
“As I said last week, defending freedom will have costs for us as well, and here at home,” Biden said Tuesday. “We need to be honest about that. But as we do this, I’m going to take robust action to make sure the pain of our sanctions is targeted at Russia’s economy, not ours.”
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Biden added that the United States is “closely” monitoring energy supplies for any disruption. “This will blunt gas prices. I want to limit the pain the American people are feeling at the gas pump,” Biden said.
“Whatever Russia does next, we’re ready to respond with unity, clarity, and conviction,” he added. “I’m hoping diplomacy is still available.”
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Earlier Tuesday, German Chancellor Olaf Scholz ordered his government to halt certification of the Nord Stream 2 gas pipeline amid Putin’s mounting aggression.
Biden’s remarks come as oil prices continue to rise in the U.S., with the average price of gasoline $3.53 per gallon as of today, according to AAA.
GOP lawmakers have blasted Biden for the recent gas price increases. Earlier this month, Senate Minority Leader Mitch McConnell of Kentucky said the Biden administration seems “less interested in trying to solve this problem than in trying to persuade families the pain is just in their heads.”
Biden campaigned on transitioning the country away from fossil fuels, and on taking office, he took steps toward that goal, such as canceling the Keystone XL pipeline and pausing leases for oil and gas drilling on federal lands, as well as sketching out plans for new environmental rules. So far, though, oil and gas production is up significantly during his tenure.
The national consumer price index for gas has also increased by 40% since January 2021, according to the Bureau of Labor Statistics, despite the administration’s decision to release a record 50 million barrels of oil from the U.S. strategic reserves in November.
