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.
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%.
As Russian forces march closer to the capital city of Kyiv, the international community is sending military aid to Ukraine. However, Ukrainian President Volodymyr Zelenskyy is calling on nations to inflect financial punishments on Vladimir Putin for invading Ukraine.
A new poll from ABC News/Ipsos has found that only one percent of Americans would describe Joe Biden’s current American economy as “excellent.” In comparison, only 23 percent considered it “good,” according to a report from Breitbart News. Additionally, 75 percent of Americans polled chose to describe the economy as “poor.”
