Crude Oil

Officials from the administrations of presidents Joe Biden and Andres Manuel Lopez Obrador in recent days discussed their concern about the impact that rising food and energy prices will have on the region

its report on worldwide food prices for February and found that prices hit a record high last month.

The price of oil skyrocketed on Sunday as Democrat President Joe Biden’s administration is considering an embargo on Russian oil after Russia invaded Ukraine late last month.

White House press secretary Jen Psaki refused to give an answer as to whether the U.S. would ban Russian oil in the daily press briefing Thursday.

President Joe Biden and his administration said Americans should reduce their consumption of oil and gas in order to keep prices down and ultimately punish Russian President Vladimir Putin.

Even Biden admitted that energy prices are about to go up.

The price of gasoline has risen across the United States again as experts warn that more pain could lie ahead at the pumps for Americans.

The average price of a gallon of self-serve regular gasoline in Los Angeles and Orange counties both rose to record highs Feb. 4 because of the switch to summer-blend gasoline and higher oil prices.

An uptick in the price of wholesale gasoline is squeezing profits at stations that lowered prices most aggressively amid a broader falling trend nationally, with GasBuddy head petroleum analyst Patrick De Haan predicting that prices at the pump in several states will likely shoot up soon.

The Dow Jones fell over 900 points just after opening bell on Nov. 26, with other major Wall Street stock indexes—and risk assets more generally—also seeing sell-offs as news of a new COVID-19 variant spreading in South Africa seems to have sparked a broader risk-off sentiment among investors.