Author: Author1

Assessment: President Biden’s executive order on his first day in office cancelled the Keystone pipeline and halted oil and gas production on federal lands. Because of that blunder, the United States is forced to buy 250,000 barrels of oil from Russia, the very country we are now threatening to sanction …

President Joe Biden (D) warned during a speech on Tuesday that there would be “costs” for Americans as a result of his foreign policy decisions with respect to Russia invading Ukraine.

Biden’s remarks come as “oil prices are swinging dramatically, with recent peaks pushing close to a major milestone: $100 a barrel,” NPR reported. During his speech, Biden announced an initial round of sanctions against Russia, although they did not appear to target Russia’s energy sector.

“As we respond, my administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump,” Biden claimed. “As I said last week, defending freedom will have costs for us as well, here at home. We need to be honest about that.”

“But as we will do — but as we do this, I’m going to take robust action and make sure the pain of our sanctions is targeted at the Russian economy, not ours,” Biden claimed. “We are closely monitoring energy supplies for any disruption. We’re executing a plan in coordination with major oil-producing consumers and producers toward a collective investment to secure stability and global energy supplies.

“A fool has no delight in understanding,
But in expressing his own heart.” Proverbs 18:2

President Biden: "My administration is using every tool at our disposal to protect American businesses and consumers from rising prices at the pump. As I said last week, defending freedom will have costs for us as well and here at home. We need to be honest about that." pic.twitter.com/VkzfalBdYb

— The Hill (@thehill) February 23, 2022

Read More @ Breitbart HERE

LONDON (Reuters) -Oil hit its highest since 2014 on Tuesday as tensions between Russia and Ukraine escalated after Moscow ordered troops into two breakaway regions in eastern Ukraine, adding to supply concerns that are pushing prices to near $100 a barrel.

The United States and its European allies are poised to announce new sanctions against Russia after President Vladimir Putin formally recognised the two regions in eastern Ukraine, escalating a security crisis on the continent.

“The potential for a rally over $100 a barrel has received an enormous boost,” said Tamas Varga of oil broker PVM. “Those who have bet on such a move anticipated the escalation of the conflict.”

Brent crude, the global benchmark, was up $3.38, or 3.5%, at $98.77 at 1000 GMT, having earlier reached $99.50, the highest since September 2014.

U.S. West Texas Intermediate (WTI) crude jumped $4.40, or 4.8%, to $95.47 versus Friday’s settlement, having earlier reached $96, also the highest since 2014. The U.S. market was closed on Monday for a public holiday.

“We see the oil market in a period of frothiness and nervousness, spiced up by geopolitical fears and emotions,” said Julius Baer analyst Norbert Rücker.

Read More @ Yahoo Finance HERE