Madrid — President Biden issued a harsh warning to Americans after Russian troops invaded Ukraine in February. Confronting President Vladimir Putin could hurt the US economy. “I’m not going to pretend this will be painless,” he said in a statement made in the East Room of the White House.
However, in Mr Biden’s administration, few imagined how much domestic political and economic distress would result from a fierce war in eastern Ukraine. The dollar in an endless foreign conflict.
At a NATO meeting with a group of seven countries in Europe this week, Mr Biden and his allies face Russia, drawing a new and stronger line against what is considered predatory economic practice by China. He confessed the idea that he must unite.
However, the rally also emphasized the serious tensions in the war on Western leaders and consumers due to energy costs that have soared as a result of severe sanctions imposed on Russia and could rise further.
Leaders on all the steps Biden and his allies have taken to counter Russia’s invasion, including a quick path to NATO accession to Finland and Sweden, plans to limit the price of Russia’s oil exports, etc. Could not explain the end of the war for a long time. War of exhaustion.
Biden is already feeling political enthusiasm for his swift response to the Ukrainian invasion. His push to ban Russia’s oil imports shortly after the invasion continued to soar global prices, losing consumer confidence and threatening Democrats to retain parliament in the upcoming midterm elections. Republicans have sought to condemn the president’s policies on energy and climate, but the aggression and the Western reaction to it are the main reasons for the surge.
If the war prolongs and Mr Biden fails to plan to keep Russia’s oil flowing at a significant discount, some analysts say oil prices could skyrocket to $ 200 a barrel. This could mean $ 7 over a gallon of gas. They thought it would seriously undermine Mr Biden’s hopes for reelection.
As the conflict persists, the United States and its allies will need to find additional funding for military and other aid to Ukraine, in addition to the $ 40 billion that Congress has already approved this year. So far, only a few opponents have questioned spending, but the dissatisfaction has spread to a series of former Presidents Donald J. Trump, who have indicated plans for a rematch with Mr Biden in 2024. May provide an attack.
These trends will make the next few months decisive for Mr. Biden and his bold international coalition — the fact that executives have begun to admit. Biden’s National Security Adviser Jake Sullivan told bystanders at the G7 meeting in the German Alps that allies had as much power as possible in the war before the winter with Ukrainian helpless troops. He said he would try to help him get. For obvious reasons, it does not benefit the Ukrainian people. “
Sullivan and Treasury Secretary Janet L. Yellen said this week that authorities negotiated and acted swiftly to implement the myriad unresolved details of the proposed cap on Russia’s oil export prices. He promised the driver a relief. It is installed. However, many economists and energy experts do not believe that such unattended limits on a global scale could soon and effectively be integrated. Personally, some government officials admit that it could take until late fall or longer.
European leaders have been more openly tackling the pain of war for their citizens this week, especially the availability and price of energy. However, in some limited speeches in Germany and Spain, Mr. Biden only expressed his solid determination to thwart Mr Putin’s attack.
At a press conference at the end of the NATO summit in Spain, Biden was frank when asked how much American drivers could expect to keep paying higher petrol prices.
“As long as it takes, Russia can’t really beat Ukraine and move beyond Ukraine,” he said.
Mr Biden also said he hopes his oil cap program will help consumers. “I think we can do that,” he said. “It will lower the price of oil, and it will also lower the price of gasoline.”
Prices for food and energy affected by the war continued to skyrocket in May, but other prices remained flat, according to data released by the Commerce Department on Thursday. Mr Biden accused Putin.
“Russia is the reason for the rise in gasoline prices,” he said at a press conference.
For American drivers, at least temporary relief may be on the way. Domestic average prices have fallen slightly in recent weeks, suggesting that future contracts to buy gasoline have fallen significantly, suggesting that gas stations may have reduced prices in July. increase. However, many analysts believe that unless Biden’s price cap plan is successful, prices could rise again later this year as Europe’s ban on Russia’s oil imports goes into effect. I am.
This week’s president’s focus was on war, energy price inflation, and the oncoming threat from China, eliminating many of the issues that dominated the 2020 campaign and the current controversy that would bring his party home. ..
He and his fellow leaders made little mention of the Covid-19 pandemic. Mr. Biden’s plans for a vast and deadlocked new social program were ignored. Even climate change has largely been left to lofty promises in public forums, rather than concrete action pledges.
The price cap proposal is just the latest example of Mr. Biden’s understanding of the solution to the consumer suffering caused by the war.
High-ranking government officials also contacted Venezuela, a Russian ally that has long been under US sanctions, regarding tight oil supplies. The administration also sought help from Turkey’s President Recep Tayyip Erdogan to move grain from Ukraine to alleviate food shortages.
And next month, Mr. Biden will travel to Saudi Arabia and meet with Prince Mohammed bin Salman in person after repeatedly calling on Saudi Arabia and other major oil producers to increase production. Will Biden put direct pressure on de facto Saudi rulers on Thursday, despite accusing the prince of being’Paria’for the brutal assassination of Saudi dissident Jamal Khashoggi in 2018? I was asked. Biden said he wouldn’t.
Nevertheless, because it is essential to respond to the spillover effects of war, Mr. Biden has come to think at least what he would never have thought of before. It emphasizes the reality of the President and his allies: there are few solutions to the current situation without flaws.
