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Biden Blames Russia for Soaring Global Energy Prices in NATO Speech

Commodities Jun 30, 2022 10:18AM ET
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© Reuters

By Scott Kanowsky 

Investing.com -- U.S. President Joe Biden doubled down on his commitment to Ukraine's war effort, as he blamed a spike in gas prices on the Russian invasion of the country.

Speaking at a closely-watched press conference at a NATO summit in Spain, Biden said he would allow costs at the pump to remain high for "as long as it takes" to help Ukraine push Russian forces out the country.

"I don't know how [the conflict] is going to end, but it will not end with the Russian defeat of Ukraine in Ukraine," Biden said.

He also backed a plan, agreed on earlier this week at a G-7 meeting in Germany, that would place a cap on the price of Russian oil. Biden said the move would limit Moscow's revenue from its key energy exports, and potentially help speed up a resolution to the war in Ukraine.

"We've said to [Russia] [...] we're going to allow you to have a profit on what you make, but not the exorbitant prices that you are charging for the oil now," Biden said. "We think it can be done, and it would drive down the price of oil and it would drive down the price of gasoline as well."

Global energy prices have risen sharply since the start of the conflict in Ukraine earlier this year, partly due to a Western ban on Russian oil exports that was imposed after the onset of the war.

The price cap proposal - first introduced by U.S. Treasury Secretary Janet Yellen - has been pitched as a tactic to "dampen" the impact of the war on the American economy. However, it remains unclear if other major importers of Russian energy, namely China and India, will also agree to the plan.

During his statements, Biden added that he will ask Gulf state leaders to boost oil production during a meeting next month in a bid to moderate the rise in energy costs. Biden also revealed that he plans to meet with Saudi Crown Prince Mohammed bin Salman, but explained he was not going to Saudi Arabia solely to meet with him.

Oil prices fell on Thursday amid lingering worries over global supply. As of 10:08 EST (1408 GMT), Brent Oil Futures futures for September were lower by 1.94% at $110.27 a barrel. The August contract for U.S. West Texas Intermediate crude futures declined by 2.03% to $107.55.

Biden Blames Russia for Soaring Global Energy Prices in NATO Speech
 

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Comments (9)
Elezabeth Thomas
Elezabeth Thomas Jul 03, 2022 6:24PM ET
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This is Biden's BAD energy policy, BAD foreign policy, BAD economic policy, BAD monetary policy, BAD fiscal policy, BAD trade policy.....BAD, BAD, BAD, BAD, BAD! Other than that, he makes NO sense at all.
Todd Gray
Todd Gray Jul 01, 2022 6:12PM ET
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Biden's policies. I'm not going to lift the sanctions that caused your inflation. And, you can't drill for oil, and you can''t dredge up fish eggs. But, it's Russia's fault, and you can ******your own eggs.
Benjamin USA
Benjamin USA Jul 01, 2022 8:28AM ET
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Everything ever is biden fault
lokraj pandey
lokraj pandey Jul 01, 2022 1:49AM ET
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Don’t blame anyone blame your salf onely you are the one
taylor jason
taylor jason Jun 30, 2022 1:32PM ET
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he should blame the policy he signed into effect. last I checked the Russians are still selling oil
Sattar Langary
Sattar Langary Jun 30, 2022 11:57AM ET
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Biden administration has been a failure for the past 1.5 years. 2.5 more of this nonsense is not tolerable...God help us!
jonathan seagull
jonathan seagull Jun 30, 2022 11:57AM ET
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Revolt!
Benjamin USA
Benjamin USA Jun 30, 2022 11:57AM ET
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Jt Overstreet
Jt Overstreet Jun 30, 2022 11:03AM ET
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Every time, I fill up my tank, I lift my head up to the skies and I cry, "God damn you, Putin! God damn you for these gas prices and God damn you for tricking everybody into thinking it's Biden's fault! Aaaargh!" True story.
john smith
john smith Jun 30, 2022 11:03AM ET
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and everyone clapped.....
Jeremy Johnson
Jeremy Johnson Jun 30, 2022 10:53AM ET
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With Canada and the U.S. stifling their oil and gas industries via their ridiculous Green agenda, the world has less O&G output.  This in turn is causing high gas prices for Canadians and Americans.  The sad part is we have Biden, Trudeau and other heads of State repeating the same lies, and people actually believe it because they aren't informed.
Khoa Phan
Khoa Phan Jun 30, 2022 10:31AM ET
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no soaring energy because we have a very stupid president
 
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