The heads of some of the largest oil companies are on Capitol Hill today, getting grilled about rising gas prices. Lawmakers are trying to find answers as to why Americans are paying so much at the gas pump and why prices haven’t fallen much despite the government releasing one million barrels a day from the strategic petroleum reserve.
Biden tweeted “Oil and gas companies shouldn’t pad their profits at the expense of hardworking Americans.”
President Joe Biden has announced that the U.S. will ban all Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine.
Senator Graham said the entire economy of Russia depends on the oil and gas sector, and the U.S. should shut it off.
Oil futures are now more than $100 per barrel, a price not seen since 2014.
Analysts say a Russian invasion of its neighboring country would be matched with severe financial sanctions. That would likely lead the Kremlin to withhold oil from the world market, which is already struggling to stay afloat with demand.
Russian forces are still massing on the Ukrainian border, and the U.S. is warning Russia could choose to attack at any moment. A further Russian invasion there could cost you money here at home.
Consumer News: Oil prices keep going up, wage increases met by ongoing inflation and more.
2021 was a rough year for motorists facing high gas prices, and more pain at the pump is here again.
Consumer News: Mortgage rates keep jumping, along with prices at the pump
