United States President Joe Biden warned Americans about a potential gas price hike as tensions between Russia and Ukraine intensify, creating a political risk to the Democrat and his party.
The situation comes as Americans struggle with rising inflation that has reached a record high in the last four decades. Biden warned that the situation could get worse if Russian President Vladimir Putin decides to invade Ukraine with its amassed troops at the border.
Rising Gas Prices
The U.S. president's remarks are a recognition of his own political risks ahead of the upcoming 2022 midterm elections. Rising inflation has become a significant issue for Democrats despite the country's strong economic growth last year after slowing the spread of the coronavirus infection.
On Tuesday, Biden said that his administration was already preparing to deploy all the tools and authority that was at their disposal to assist with the prices of gas in the country. The Democrat said he and his colleagues were taking active steps to provide relief at the gas pump and reduce pressure on the country's energy markets to offset rising prices, as per News Nation Now.
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On Wednesday, the average price of a gallon of gas rose to $3.51, which is a jump of roughly a dollar compared to a year ago. The number represents the highest price since October 2014, with prices in more than a dozen states jumping 25 cents in just the last month.
Russia is the world's second-largest oil producer, and if it chooses to invade Ukraine, it would prompt U.S. sanctions. The consequences will keep Moscow's oil supply from the rest of the world market or result in it getting more expensive. ABC News Chief Business Correspondent Rebecca Jarvis said that some analysts predict prices of gas in the U.S. could rise by as much as 50 cents.
Supporting Global Markets
ABC News reported that recent polls showed that Biden is facing the blame for higher gas prices and the White House was pressed by ABC News' Chief White House Correspondent Cecilia Vega. She asked the federal government what Americans should be ready for in the coming days or weeks.
The situation comes as the White House dispatched two officials to Saudi Arabia this week in an effort to press the kingdom to supply more oil. On Wednesday, National Security Council Middle East coordinator Brett McGurk and the State Department's energy envoy, Amos Hochstein, arrived in Riyadh. The trip is made to shore up the relationship more broadly and to discuss with Saudi officials plans to stabilize markets amid rising gas prices.
For some time, the Saudis have been resistant to any changes in production because of their commitments to OPEC+, a consortium of oil-producing countries that includes Russia. The two officials traveled to the region after a phone call between Biden and Saudi King Salman bin Abdulaziz Al-Saud last week where they discussed "ensuring the stability of global energy supplies," a White House readout of the call revealed, CNN reported.
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