Americans have united with most of the Western world condemnation of russia To invade Ukraine.
Now they may have to start putting their money where their mouth is like America Lawmakers consider sanctions on Russian oil.
Economy amid high inflation and rising energy prices Recovery from the pandemic was already making life more expensive.
Now, a little more than a week into Russian President Vladimir Putin’s war, California has become the first US state to have an average gas price of more than $5 a gallon.
Gas prices are rising across the country. The national average record for gasoline — $4.11 — set in 2008 — is in sight. That would be a huge jump from a year ago, when the national average price was $2.75 a gallon.
The average price of diesel has also skyrocketed, increasing transportation costs for businesses.
What is Congress doing? US lawmakers are pushing for a bipartisan effort to end all imports of Russian oil and reaffirm Russia’s energy sector.
When it comes to the nature of global energy supply, the energy sector has so far been left mostly untouched. Last year, Russia was the world’s No. 2 oil producer after the US. Disruptions in oil exports will drive up costs everywhere.
But politicians are ready to pay the price. “I’m up for it. Ban it,” said House Speaker Nancy Pelosi on Capitol Hill this week.
“I would happily pay 10 cents more per gallon,” Sen. Joe Manchin, a West Virginia Democrat, said in a press conference Thursday.