On Thursday, at the recent NATO summit in Madrid, Joe Biden said the quiet part out loud. When asked how long Americans should expect to pay high gas prices, he himself said that it would be for as long as it takes so that Russia cannot “defeat Ukraine,” whatever that means.
In other words, he thinks we all have to make sacrifices, including high gas prices, so that we can stick it to the Russians. Not only that, he is planning even more unhinged schemes that would drive up gas prices even higher.
One idea he is planning is placing a price cap on Russian oil, which Russia could easily work around by selling it to countries which don’t sanction them, who would then mark it up. Oilprice.com, a website which focuses on the high gas prices, predicts that oil prices could go up to as high as $200 a barrel, which would likely translate to $8 per gallon on gas.
Not only that, far from curtailing Russia’s oil production, Joe Biden’s attempts to “stick it to the Russians” have had the exact opposite effect. In June, Russia’s crude production went up 5% to 10.7 barrels per day. Russia says it will raise its production again in July.
Goldman Sachs predicts that even if Joe Biden doesn’t follow through with his price cap scheme, Oil could go up to $140 per barrel.
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