President Biden announces ban on Russian oil imports as economists warn of rising inflation

WASHINGTON, D.C. — With gas prices soaring, President Joe Biden warns they may increase even more after announcing a ban on all Russian oil imports.

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Gas prices are averaging more than four dollars a gallon nationally, an all-time high.

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President Biden’s latest move to ban all Russian energy imports means prices could continue to soar because it cuts down on supply.

The ban is meant to  cripple Russia’s economy for invading Ukraine.

“Defending freedom is going to cost,” President Biden said Tuesday at the White House. “I’m going to do everything I can to minimize Putin’s price hike here at home.”

Part of that plan includes releasing 60-million barrels of oil from the nation’s joint oil reserves.

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President Biden’s announcement came as members of Congress heard from economists about the urgent need to address rising inflation.

“The increase in U.S. inflation has been so much greater than that observed in other advanced and major economies,” Hoover Institution Kleinheinz Fellow Tyler Goodspeed said during a U.S. House Financial Services Committee hearing on inflation, corporate profiteering, and supply chain bottlenecks.

Aside from gas prices, witnesses at the hearing called on lawmakers to tackle the rising cost of housing, child care, and elder care. Some pointed to a need to raise worker pay to help combat the problem.

“The minimum wage is lagging behind normal inflation for decades,’’ Policylink Managing Director for Equitable Economy Demond Drummer said.

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While lawmakers remain divided over long-term economic policies, there is bipartisan support for the ban on Russian oil imports.

President Biden again called on Congress to pass a multi-billion dollar assistance package for Ukraine meant to give military and humanitarian support.

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