Posted on 02/24/2022 5:56:54 AM PST by lowbridge
President Joe Biden, facing the risk of a destabilizing energy price shock, is promising to blunt the impact of rising energy prices on American families. But that won't be easy.
The Russia-Ukraine crisis has already helped lift oil and gasoline prices to levels unseen since 2014. Further sanctions on Moscow could drive pump prices closer to $4 a gallon.
Biden is bracing the public for just that, acknowledging on Tuesday that "defending freedom will have costs."
"I want to limit the pain the American people are feeling at the gas pump. This is critical to me," Biden said during prepared remarks.
There's a long history of voters blaming presidents for high gas prices -- fair or not. Yet presidents have limited power to drive down energy prices, as Biden himself has learned painfully in recent months.
"Biden's options mostly come in two categories: Nothing-burgers and mistakes," said Bob McNally, president of energy consulting firm Rapidan Energy Group. "That's true of almost all presidents."
That doesn't mean Biden won't try.
Markets are on high-alert for signs that Russia's supplies are threatened, either through US sanctions, damage from a potential war or Moscow deciding to weaponize energy.
Russia is the world's second-largest oil producer and exporter of crude oil, with 5 million barrels per day getting sent overseas. That's roughly 12% of the global crude trade, according to the International Energy Agency.
Any disruption to Russia's oil flows would "easily" drive up crude prices to $120 a barrel, JPMorgan recently warned. Brent, the world benchmark, surged to $99.50 a barrel on Tuesday before backing off.
"Global supply is already tight. We cannot afford to lose any barrels, let alone 5 million barrels," said Robert Yawger, vice president of energy futures at Mizuho Securities.
(Excerpt) Read more at cnn.com ...
A promise from a career do nothing, demented, corrupt liar?
Oh, that helps.
Anyone yet see gas prices this morning?
He’s just now noticing a gas price spike?
Bring back Trump policies, Dickhead!
joey, give the oil companies the millions you got from the Ukrainians. That should of set the cost. Have Hunter pay his FAIR share too.
He cant even tie his shoes and he is going to control one of the world’s biggest commodity markets?
In typical Dem fashion, this "sounds" good, but in reality, it COULD mean that gas supplies dry up -
No gas, No Price Spike!
He’ll just beat up on the “greedy” oil companies.
Is that like Joe’s promise to stop Russia from invading Ukraine?
All the MSM is really jumping on this Ukraine is the cause of all the problems in this country. Can’t be helped.
what do they mean its not easy... open the pipelines hand out lots of oil drilling permits, then profit from being net exporter while parts of the world are unstable.
No. Am afraid to go and look.
The only way he can do anything is to suspend the Federal Gas Tax.
Note to patriots: When SHTF, all CNN facilities to be laid waste on Day One.
$3.75 in central PA yesterday.
One simple step: UNDO EVERYTHING YOU DID ON ENERGY POLICY WHEN YOU ASSUMED OFFICE ON JANUARY 2021.
Didn’t diaper joe say the president can’t do anything about gas prices back in 2017 or around there?
“He’s just now noticing a gas price spike?”
Yeah he heard Dr Jill and her friend talking about it in the sunroom.
I’m thinking they will go backwards...and Germany and Biden will push for Nord 2 to open....i.e., if Putin is even willing to pump more into it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.