Gas & Oil
Markets have careened in recent weeks amid uncertainty about whether the economy may be heading for a toxic combination of stagnating growth and persistently high inflation.
The price at the pump is $1.54 higher than it was a year ago.
The House overwhelmingly approved legislation Wednesday that would ban Russian energy imports to the United States.
Biden's moves to limit rising gas prices and isolate Putin also offer an opportunity to overhaul a disastrous approach to Venezuela's crisis.
WHAT'S HAPPENING
Trump says the U.S. should not have been buying Russian oil, but imports increased 39% during his four years, after dropping 22% over Obama’s two terms.
A third of all the gas price increases since late 2020 have taken place since Russia invaded Ukraine two weeks ago.
President Joe Biden announced the ban before Congress forced him to do it.
Republicans are trying to blame President Biden for the increase at the gas pump, even though the price jump is due to Russia’s invasion of Ukraine.
The move follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S. and Western officials to cut off the imports.
The decision comes as surging oil prices have been rattling global markets and after Ukraine’s foreign minister criticized Shell for continuing to buy Russian oil.