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.
The price of gasoline has reached record highs in California. The state become in American history to charge averages of over $5 a gallon for the essential fuel with Los Angeles and San Francisco eclipsing that mark earlier this week.
How convenient for western leaders that every time another country defies the West’s projection of power, the western media can agree on one thing: that the foreign government in question is led by a madman, a psychopath or a megalomaniac.
Madam Speaker, Madam Vice President, our First Lady and Second Gentleman. Members of Congress and the Cabinet. Justices of the Supreme Court. My fellow Americans.
Oil prices soared and investors shifted more money into ultra-safe U.S. government bonds as Russia stepped up its war on Ukraine. The price of oil surged back above $100 a barrel after Russia, a major energy producer, faced further isolation and economic damage because of its invasion of Ukraine.
In 1974 when Vice President Gerald Ford succeeded to the presidency after Richard Nixon resigned, the country was in a bad economic crisis. The Arab oil shocks of 1973 led to a 300% increase in the price of oil, which translated into inflation of more than 12%.
