WASHINGTON, March 11 – President Joe Biden on Thursday dismissed Republican allegations that it was slowing down oil production in the United States as a ban on Russian oil purchases that help raise fuel costs.
Speaking at a winter meeting of the Democratic National Committee, Biden said Americans were feeling the effects of the oil crisis over Russia’s war in Ukraine but “knew that with the current crisis, the costs were high.
The United States has imposed a number of sanctions on Russia over its invasion of Ukraine two weeks ago, including Biden on Tuesday, imposing an immediate ban on Russia’s oil imports.
The Republicans have blamed Biden for reducing energy production as it tries to turn the United States into green policies and that this is a major factor in inflation.
Biden blamed rising prices for “Putin’s price hike” and that oil companies did not need to be encouraged to produce more.
“Officials at major oil companies have said they will increase investment and production. They have the power to do so,” he said.
He also warned against making a profit during the war.
“In this time of war, it is not a time for profit. It is a time for re-investment in America,” Biden said.
Democrats are looking for a way to hold on to control the US Congress in the November congressional elections.
The party that held the White House in the first congressional election after the presidential election often loses seats. Republicans say they are confident in making a profit.
Biden said if Democrats do not hold Congress “it will be a sad, sad two years” until the 2024 presidential election.