The crude oil prices were soaring already and the Russian-Ukraine conflict just triggered an upwards acceleration in Oil prices. In the middle of a Russian invasion of Ukraine, US President Joe Biden declared that his administration has collaborated with 30 other countries to release millions of barrels of oil from American strategic reserves in order to keep global oil prices stable.
Biden said his administration is taking “strong measures” to ensure the impact of US sanctions is aimed at Russia’s economy in his first State of the Union Address on Tuesday. He promised that his government would safeguard American businesses and consumers with every weapon at its disposal.
“To all Americans, as I’ve always promised, I’ll be honest with you.” The cost of a Russian dictator invading a neighboring country has been felt all throughout the world, according to Biden.
Biden and 30 countries collaborated to keep oil prices in check
“Tonight, I am pleased to report that the United States has collaborated with 30 other countries to liberate 60 million barrels of oil from global reserves.” America will be the driving force behind this initiative, releasing 30 million barrels from its Strategic Petroleum Reserve. And, united with our partners, we stand ready to do more if required,” Biden stated.
“These initiatives will assist to down gas prices in the United States.” And I understand that the news of what’s going on can be frightening. But I want you to know that we’ll be fine,” he continued, assuring his fellow citizens that he would keep inflation under control.
Biden claims that his approach to combat inflation will reduce expenses and the deficit. The US president claims that his plan will reduce long-term inflationary pressures, and that top business leaders and the majority of Americans favor it. According to Biden, he is the only president in history to reduce the deficit by more than a trillion dollars in a single year.
“Demanding more competition while lowering your costs is a win-win situation.” I’m a capitalist, but capitalism isn’t capitalism without competition. “It’s exploitation,” he continued, “and it drives up prices.”
“When companies aren’t forced to compete, profits rise, prices rise, and small businesses and family farmers and ranchers go out of business.” We see that with maritime carriers transporting commodities in and out of the United States. These foreign-owned corporations boosted prices by as much as 1,000 percent during the pandemic and achieved record profits,” he continued.