Gasoline prices in US reach new peak: $4.25
Fuel prices are deeply affected by the banning of Russian oil imports in the US.
According to the American Automotive Association, the price of gasoline in the US has seen a record high for the second day in a row, reaching $4.25 a gallon as the sanctions against Russia imposed yesterday by Biden affect Russian energy prices.
On Tuesday, the average price of gasoline increased 8 cents overnight from $4.17 to $4.25 after Washington announced a ban on Russian energy imports.
This week, $4.25 constitutes the highest peak since Monday, which saw $4.065 a gallon. A week ago, the price was $3.619.
An ex-US colonel and the vice president of the Eurasia Center, Earl Rasmussen, said that Biden's decision to sanction Russian energy imports will backfire against the US economy, predicting the fuel to skyrocket in prices in the near future.
“I have heard gasoline estimates between $7 and $10 per gallon by the end of the summer. Price of oil may skyrocket to nearly $300 per barrel, maybe more,” Rasmussen said.
“A point to note is that Russia has yet to announce counter-sanctions which will likely be ahead and will not be good. Buckle up for a potential catastrophic global economic collapse.”
French Le Pen: Ban on Russian oil to have long-term impact on France
The National Rally's party leader Marine Le Pen opposed on Wednesday banning Russia's energy imports, justifying her opposition by saying that an embargo would hurt the French economy more than the pandemic did.
In a bid to paralyze the Russian economy, US President Joe Biden announced on Tuesday a decision banning Russian oil, natural gas, and coal imports to the US in response to Russia's special military operation in Ukraine. The UK followed suit, halting imports of Russian oil and petroleum products as of 2023.
Answering the France 2 broadcaster's question on whether Europe must abandon natural gas and oil imports from Russia, Le Pen said "no," explaining that such a decision would impact the people and economy of France for a long time.
"To use this leverage means to severely punish the people of France, French companies, the French economy, which may need years to recover. The effects could be much worse than those of the pandemic," Le Pen said.
She added that sanctions should be chosen in a way that would not target France's purchasing power and economic activity.