Russia has commenced its invasion into Ukraine, and one of the byproducts will be higher energy prices in the United States. That’s not a hunch, press secretary Jen Psaki said it herself during a White House Press briefing.
When asked if Americans should brace themselves for gas prices jumping, she followed with, “Yeah, energy prices, exactly. That’s what we want the American public to be aware is a possibility.”
Joe Biden announced sanctions that will be imposed on Russia and said that the U.S. has “no intention” of fighting Russia.
How high will prices go? How long could they last? Daleep Singh, the deputy national security adviser for International Economics, tried to spin some positive news.
“There are actions [energy consuming nations] can take with their strategic reserves, there are actions energy producers can take in terms of their spare capacity. I’m not going to give you a timeline, but the collective power of those actions, and all the other tools and authorities at our disposal … will be effective in bringing down the price of gas and the price of oil.”
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