Russia's war against Ukraine has hurt American families with gas prices shooting up and it is going to rise further, US President Joe Biden said after announcing a ban on the import of Russian oil and gas.
Biden, however, promised of doing everything he can to minimize "(Russian President Vladimir) Putin's price hike here at home".
By an executive order signed on Tuesday, Biden banned the import of Russian crude oil and certain petroleum products, liquefied natural gas, and coal.
This step is aimed at depriving Russia of billions of dollars in revenues from US drivers and consumers annually. Last year, the US imported nearly 7,00,000 barrels of crude oil and refined petroleum products from Russia daily.
The executive order also banned new US investment in Russia's energy sector, to ensure that American companies and investors are not underwriting Vladimir Putin's efforts to expand energy production inside Russia, the White House said.
It mentioned that Americans will also be prohibited from financing or enabling foreign companies that are investing to produce energy in Russia.
Addressing reporters at the White House later, Biden said, "Putin's war is already hurting American families at the gas pump. Since Putin began his military buildup at the Ukrainian borders, the price of the gas at the pump in the US went up USD 0.75. With this ban, it is going to go up further."
About steps taken to arrest fuel price rise, he said, "In coordination with our partners we have announced releasing 60 million barrels of oil from our joint oil reserves. Half of that is coming from the United States. We are taking steps to ensure the reliable supply of global energy."
Biden also promised to "keep working with every tool at our disposal to protect American families and businesses".
"Let me say this to the oil and gas companies and to the finance firms that back them: We understand that Putin's war against the people of Ukraine is causing prices to rise. That's self-evident.
"But it's no excuse for an excessive price increase or padding profits or any kind of effort to exploit the situation or the American consumers. Russia's aggression is costing us all, and it's no time for profiteering or price gouging," he stressed.
At the same time, he also acknowledged those firms and oil and gas industries that are pulling out of Russia and joining other businesses that are leading by example.
"This is the time when we have to do our part and make sure we are not taking advantage," the US president said.
A senior official in the Biden administration told reporters that they expect gas prices to rise following the ban.
"The reason energy prices are rising right now is because of Putin's choices and this needless war and the risk that he could escalate further."
"Prices at gas pumps are now up about 75 cents since Putin started to amass troops at Ukraine's border. The price of Brent crude oil is up about USD 50 a barrel since that time. So, what we are seeing now is a result of fears of Putin's ongoing aggression escalating and the consequences of his actions," the official said.
