Give credit where credit is due, and this may be the only thing the current administration has done that’s worth anything. The conflicts between Russia and Ukraine have caused spikes in oil barrels, which are now hitting Americans harder and harder. So the idea saw a little traction when house Speaker Nancy Pelosi threw her support of the ban.
However, when the question was asked at a press conference, Jen Psaki swiftly shot down the idea.
“Our objective and the president’s objective has been to maximize impact on President Putin and Russia while minimizing impact to us and our allies and partners,”
Now Jen Psaki has downplayed the American reliance on Russian energy, despite it being over 10% of US Imports. According to Jen, the Biden team is currently trying to deescalate the situation between the two but has yet to garner any success. This comes as the US plans to halt approval for the Nordstream 2 pipeline, bringing oil all across Europe.
The US plans to release 60 Million of its reserve barrels, which will only buy Americans 3 days of lower gas prices. This may not be the relief valve we need to help soaring gas prices but will give the White House their round of applause for this.
Investor’s Edge with Gary Kaultbaum can be heard on weekdays on MoneyTalk 1010. Gary Kaltbaum is a registered investment advisor with more than 30 years of experience in the markets. He is the owner and President of Kaltbaum Capital Management, a financial investment advisory firm headquartered in Orlando, Florida. He is a Fox News Channel Business Contributor regularly appearing on Fox News Channel and the Fox Business Network. In addition, Gary is the author of the book “The Investors Edge” and the host of a nationally syndicated radio show with the same title, “Investors Edge,” broadcast on numerous stations across the U.S. The show is also available on-demand and airs live 6-7 pm EST Monday-Friday. You can hear past shows online at garykaltbaum.com.
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