The US economy and American consumers are already being pummeled by the highest inflation in 40 years under the watch of Biden.
Meanwhile, the very likely upcoming war between Russia and Ukraine will most certainly shoot up US gas prices and inflation, according to experts.
Spike Would Follow Biden’s 40-60% Higher Energy Prices
According to US intelligence, Putin could attack Ukraine on Wednesday.
This is certain to spike oil and natural gas prices globally, which will, in turn, drive America’s consumer prices further up.
That will happen against the backdrop of the already soaring inflation caused by Biden and his aides. Bidenflation, in January, stood at 7.5%, the highest figure in exactly 40 years; it actually increased for the sixth consecutive month.
Philip Rossetti, an energy expert at R Street Institute, a nonpartisan think-tank based in Washington, DC, told Fox News there is no way a Russian invasion of Ukraine could possibly be good for prices.
Rossetti warned a major factor for the potential spike in energy prices is the fact Europe is highly dependent on Russian energy exports; also, Russian companies that are the suppliers are primarily government-owned.
Rossetti underscored Europe has “no easy way” of moving away from Russian energy resources; this is a huge factor enabling the leadership in Moscow to “make these moves” in international military and political affairs.
Deploying ground attack air assets is supposedly the last phase of Russian attack preparations. #Ukraine https://t.co/6GInOQPk4R
— Petri Mäkelä (@pmakela1) February 15, 2022
#Ukraine's President asked Biden to visit Kiev 'in the coming days' to show solidarity. Two days later, the US shut its embassy in Kiev.
— Stanly Johny (@johnstanly) February 15, 2022
Biden’s Destruction of Trump’s Energy Achievements
The expert said Europe will likely have to try buying natural gas from other suppliers, such as the United States. This would tap into the supply available in America and shoot up prices.
Senior Republicans, in the meantime, have stressed the staggering spike in energy prices is the fault of Biden and the Democrats. Even without the influence of a potential Russian war against the Ukrainians, Empty Shelves Joe’s policies have actually played into Putin’s hands.
GOP Senator Bill Cassidy of Louisiana told Fox News the already existing price spike is the result of the Biden administration’s “de-arming” in energy diplomacy.
That is just striking. Barely a year ago, under President Trump, the United States was not just energy-independent, but also en route to making Europe also “energy independent”.
Because of Joe Biden’s failed policies, now Russia is able to blackmail the European Union with energy supply. That has been most visible in Germany’s reluctance to take a harsher stance against Russia with respect to Ukraine, Cassidy said.
According to energy expert Rossetti, America still has some room to counteract Putin’s “energy diplomacy” since US oil and gas output is “still very high” and America is a huge producer, just as Russia is.
In his words, with the right policies, the United States can “mitigate” the effects of Russia’s use of its energy resources as a security and foreign policy weapon.
Open back up the Keystone & other pipelines and new oil leases. Make Americans Energy Independent again !
Russia conflict stokes energy concerns as gas prices continue to climb https://t.co/ciUOj5nfKK #FoxBusiness
— Birdman59 (@Lessweforget57) February 14, 2022
Inflation could hit its peak 'a little further into the future' if oil and energy prices increase as a result of the Russia-Ukraine crisis, says @HeraldLinde of @HSBC.
Growth in the second half of the year might weaken 'a little bit' in the United States, he adds. pic.twitter.com/2jjqrZmKeU
— Squawk Asia (@asiasquawkbox) February 14, 2022