Prices at the gas pump seem to be holding at around $4.35 a gallon around my way….
This should help President Biden politically on his sanctions and cutting the import of Russian oil to America….
Oil prices drifted lower at the start of trading on Sunday evening, a respite from the volatility of recent weeks as Russia’s assault on Ukraine grinds on.
Brent crude, the international benchmark, was trading at about $111 a barrel, down roughly 1 percent, early Sunday night. In December, it cost about $65 a barrel, before Russia’s president, Vladimir V. Putin, began what President Biden called a “vicious war of choice” in Ukraine. West Texas Intermediate, the American benchmark, was trading around $108, down about 1.5 percent.
Oil prices, which surged last week as the markets braced for American sanctions, are showing signs of leveling out. On Tuesday, President Biden shut off the spigot of Russian oil into the United States as punishment for the war in Ukraine. He also banned the import of Russian natural gas and coal.
Mr. Biden had initially resisted calls for such aggressive sanctions on Russian oil, concerned that they would push fuel prices higher — a potentially polarizing issue in an election year. But as Russiaescalated its attacks on Ukraine, he announced sweeping sanctions, which he warned would inevitably bring more pain at the pump for Americans….
Note….
Oil price’s have actually dropped….
U.S. stocks soared and oil prices extended their slide — trading below $100 a barrel and tempering some inflation fears — on Tuesday amid renewed coronavirus lockdowns in China and as investors held out hope for cease-fire negotiations in Ukraine….
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