Biden braces Americans for higher energy prices if Russia invades Ukraine
ABC News
Gas prices could soar as much as 50 cents a gallon if Russia invades Ukraine and faces U.S. sanctions, some experts predict.
With fears of a Russian attack on Ukraine remaining a "distinct possibility," President Joe Biden is sending a stark warning to Americans about what he says could be very real economic consequences at home -- especially at the gas pump.
"I will not pretend this will be painless," Biden said Tuesday while preparing Americans to be prepared for higher energy prices in the U.S. if Russian President Vladimir Putin decides to attack Ukraine and the Biden administration in turn puts its "powerful" sanctions in place.
The average price of a gallon of gas reached $3.51 on Wednesday, according to AAA, up roughly a dollar from a year ago and the highest level since October 2014. And in just the last month, prices in more than a dozen states have jumped 25 cents.
Russia is the second largest oil producer in the world, and if it invades and U.S. sanctions then keep its oil from the world market or make it more expensive, and ABC News Chief Business Correspondent Rebecca Jarvis reports some analysts predict prices at the pump in the U.S. could jump as much as 50 cents.
