Photo by Skitterphoto on Pexels.com

Yesterday Joe Biden informed the nation that his government will impose a series of economic sanctions against Russia for its impending “invasion of Ukraine.” Biden acknowledged that his actions will likely result in American hardship, particularly when it comes to gas prices.

This is because German officials, in tandem with Biden’s sanctions, announced that they will block the use of a Russia’s Nord Stream 2 pipeline. The $11 billion pipeline originates in Russia, runs under the Baltic Sea, and ends in Germany where gas is then distributed throughout western Europe.

According to E&E News,

Russia is the third-biggest oil producer after the U.S. and Saudi Arabia, and it supplies about 35 percent of Europe’s gas.

The publication notes,

In Europe, some analysts say the pause of Nord Stream 2 could double gas prices at a time when consumers are already struggling.

The skyrocketing gas prices in Europe will have a negative impact on the global market where gas prices are already rapidly increasing.

AAA reported yesterday that gas prices exceeded $100 per barrel and

Today’s national average for a gallon of gas is $3.53, which is 21 cents more than a month ago and 90 cents more than a year ago.

The executive director of the National Energy Assistance Directors Association, Mark Wolfe, told E&E News that low-income Americans will be hit hardest by these sanctions:

Still, low-income people — who are as less likely to work from home than those with higher-paying jobs — could be hit particularly hard by rising gasoline prices. Inflation has already increased prices for other essential goods, such as food and housing.