$4 gas, no problem, say Americans, if it stops Putin. Live updates on Ukraine crisis
Check here for the latest news on how the conflict is affecting markets, businesses and the economy
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Russia’s invasion of Ukraine has sparked unprecedented economic and financial retaliation from western nations which are piling on sanctions in what France has called “all-out economic and financial war.”
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But the conflict will have consequences for the whole world as it cuts off crucial energy and crop supplies, disrupts businesses and upsets financial markets, already under stress as central banks tighten policy.
There is a lot going on out there so check here for the latest news on how the conflict is affecting markets, businesses and the economy.
7:24 a.m.
Good Morning!
U.S. President Joe Biden’s announcement yesterday that America would ban all Russian fossil fuel imports, appears to have the support of the people.
A Ipsos poll, taken shortly before the announcement, found that 62 per cent of Americans say they are willing to pay more for fuel and gas because of sanctions against Russia to defend another democratic country. That’s up from 49 per cent two weeks ago.
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Eighty per cent said they believe the United States should not buy oil or gas from Russia during this conflict.
Their resolve will be tested.
Gas prices have never been this high in the U.S. rising to US$4.196 this week, higher than the record of $4.165 in 2008, according to numbers from the U.S. Energy Information Administration.
With Biden’s ban and the conflict continuing they are likely to go higher.
“Americans have never seen gasoline prices this high, nor have we seen the pace of increases so fast and furious,” said Patrick De Haan, GasBuddy’s head of petroleum analysis in a statement this week.
“It’s a dire situation and won’t improve any time soon. The high prices are likely to stick around for not days or weeks, like they did in 2008, but months.”
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Additional reporting by Reuters and Bloomberg
