Republican lawmakers proposed to increase US crude oil production because the rapidly deteriorating geopolitical situation in Ukraine threatens to jeopardize the security of energy flows.
US President Joe Biden, in imposing sanctions, said he wanted to punish Putin as much as possible and minimize his influence on the American people.
Jen Psaki noted that Biden's opinion is absolutely correct as the US needs to reduce its dependence on foreign oil. She added that the government needs to look for other ways to generate energy domestically.
Biden took office with an ambitious green energy transition program that includes billions in spending to build wind and solar power and electrify transportation. However, the demand for oil is growing both worldwide and in the world's largest consumer.
In fact, gas station prices have risen continuously for several months, prompting President Biden to ask OPEC to ramp up production beyond the agreed OPEC quota. But the cartel refused to pump more, which led to the release of crude oil from the US strategic oil reserve. That briefly stopped the rise in prices, but now they are rising again.
The AAA said the average price as of February 28 was more than $3.60 a gallon, with Brent trading above $100 a barrel. WTI costs $96.49 a barrel, up more than 4%.
