US stocks fall as anti-Russia sanctions raise gas prices
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US sanctions continue to impact US stocks, which are continuing their downward march.
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US stocks continue their downward trend as oil prices hit $130 per barrel
US stocks are still on a downward march, driven by the impact of the West's sanctions on Russia for its military operation in Ukraine.
On Monday, the Dow Jones index fell by 797.42 points, the Nasdaq Composite fell 482.48 points and the S&P 500 fell 127,78 points.
The rise of gas prices around the world over the weekend is sparking this market movement, as the price of a barrel of crude hit $130, before settling at $123 on Monday. In a first, Gasoline prices in the US exceeded 4$ per gallon in 15 years. Oil stocks increased on Monday.
This rise in oil prices is causing market destabilization, as the market is concerned about the impact of the Ukraine crisis and the impact of US sanctions on US economy.
Read more: Moody's: Russia-Ukraine crisis could impact US-EU growth
White House Press Secretary Jen Psaki stated, on Monday, that US President Joe Biden has not made a decision on whether to ban Russian oil imports in the United States, adding that it is still an ongoing discussion.
During a press briefing, Psaki stressed that "no decision has been made at this point by the president about a ban on importing oil from Russia and those discussions are ongoing internally."
The White House Press Secretary commented on fears from rising energy prices over the Ukraine crisis by claiming that the United States over the next year will produce more oil than ever before.
US Secretary of State Antony Blinken had said on Friday that the United States has a strategic interest in making Russia a less significant supplier of energy on the global scene over time.
"We have a strong interest, we and our allies, in degrading Russia’s status as a leading energy supplier over time. This could be a profound strategic shift," Blinken told a press briefing.
