One of Joe Biden’s first orders of business, when he became President, was shutting down the Keystone XL oil pipeline in the United States, claiming climate change was the “greatest threat” to the United States.
Well, he’s facing a pretty severe threat right now, with oil prices rising to $120 per barrel and some analysts believing the price could grow to an unfathomable $200 per barrel.
It’s a crisis that the White House needs to figure out, and reports Monday are they are looking at all options, including a trip to Saudi Arabia where Biden would try to talk the Saudis into producing more oil if the U.S. bans purchasing Russian oil.
Things could be a little uncomfortable for Biden if he does make the trip. Tensions between the two countries have not been great since Biden released a report that concluded Saudi crown prince Mohammed bin Salman approved the killing of Washington Post writer Jamal Khashoggi.
The U.S. national average price of a gallon of gas hit $4.065 Monday. The all-time record average high was $4.11 in 2008, just a nickel away. Since Russia invaded Ukraine less than two weeks ago, gas prices have gone up 15% nationally.
More U.S. companies are shutting down business operations in Russia. American Express followed the lead set by Visa and Mastercard. Netflix has suspended services in Russia.
Nissan has stopped vehicle exports to Russia and plant to halt production at their factory in St. Petersburg.
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