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Biden Caught Between Inflation and Calls to Ban Russian Oil
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wsj.comPresident Biden is caught between conflicting demands that he tame rising consumer prices while banning Russian oil imports to punish Moscow for invading Ukraine, a sanction that would threaten even more inflation and raise pressure on allies with more dependence on oil imports.
The U.S. said on Sunday it is in active discussions with allies about a ban. Those talks come as the Biden administration has faced criticism for months over inflation levels that have reached 40-year highs, driven by surging demand, supply chain constraints and labor shortages. But rising energy costs are also among the biggest contributors to higher consumer prices, with oil, gas and other commodity prices soaring to the highest levels in years.
Read more on wsj.comAbout this in other media
What does action over Russian oil and gas mean for UK consumers? theguardian.com /2 years ago
Pulling the plug on Russian oil and gas won’t be a smooth ride for consumers theguardian.com /2 years ago
How the US Russian oil ban risks splitting the west’s response theguardian.com /2 years ago
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