The average U.S. gas price is 90 cents higher than it was a year ago, per AAA. There's not much Biden can do to keep Russia's invasion of Ukraine from driving up fuel prices even more.
President Joe Biden has few options for keeping Russia’s invasion of Ukraine from inflicting pain for Americans at the pump.
Republicans are pinning the worst inflation in four decades on Biden, and are blaming his environmental and climate change policies for high energy prices, despite forecasts that U.S. natural gas production will reach record levels this year and steady increases in oil production since he took office.
But sanctioning Russia’s oil exports — one of the country’s main sources of revenue — is not an option on the list of targets, said one lobbyist working with Congress on the prospective punishments. Biden has been reluctant to embrace dramatic steps to protect the domestic market such as limiting U.S. exports of oil or natural gas, as some liberals and large consumers of energy have called for, since those moves would likely backfire.
So far, the good news for the administration is that market reaction to Russia’s latest aggressions has been muted. Crude oil prices had largely erased their initial jump by Tuesday evening.
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