White House Mulls How To Stabilize Gas Prices Amid Russian Hostilities

"Administration officials prepare response to potential gas price hikes should Moscow constrict exports amid growing tensions"

"White House aides are reviewing how the United States could respond if Russia curtails exporting global oil products due to hostilities over Ukraine, anticipating a potential spike in gas prices that could further compound already high prices domestically.

Moves being discussed by administration officials include another potential release of the American government’s strategic oil reserves, said two people with knowledge of the matter, who spoke on the condition of anonymity to discuss internal deliberations.

The administration’s contingency planning reflects the mounting alarm globally over the state of affairs between the United States and Russia. Russian President Vladimir Putin on Monday formally recognized the independence of two regions in eastern Ukraine, and the White House quickly retaliated by announcing new sanction measures."

Jeff Stein reports for the Washington Post February 21, 2022.

Source: Washington Post, 02/22/2022