WASHINGTON, March 21 – The White House has invited officials from a number of US-based industries and businesses, including energy, food and banks, to a rally on Monday over the Russia-Ukraine conflict, a White House official said.
White House officials and members of the Cabinet will discuss issues surrounding the purchase of goods surrounding Russia’s February 24 invasion of Ukraine and ways to reduce economic shocks, a source familiar with the plan told.
The forum will be chaired by National Economic Council Director Brian Deese, National Security Adviser Jake Sullivan, Treasurer Janet Yellen and Trade Secretary Gina Raimondo, a White House official said.
The conference will include representatives of Pattern Energy, Invenergy, ExxonMobil Corp (XOM.N), ConocoPhillips (COP.N), Visa Inc (JPM.N), Bank of America Corp (BAC.N), Land O’Lakes Inc (LNDLK .UL), Cargill Inc (CARG.UL), Dow Inc (DOW.N) and US Steel, said the official on condition of anonymity.
President Joe Biden and other Democrats have been pressuring senior executives of major oil companies to increase production amid rising prices for gas pumps.
Biden blamed the recent escalation on the Russian invasion of Ukraine. The United States has imposed heavy sanctions on Russia for its attacks, including the immediate ban on Russian oil and other energy purchases.
Prices for U.S. consumers, including rent and food, have also risen, and inflation is set to intensify as Russia’s war against Ukraine raises the cost of crude oil and other commodities.
The conflict has added to the trade unrest following the emergence of a global economy in the prevention of the COVID-19 epidemic. Asia-Europe routes are particularly prone to problems, including port overcrowding and disruption of property, due to the closure of Russian airports, JPMorgan analyzes.