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Biden Warns Oil Firms No ‘Price Gouging’ After Russia Ban (1)

March 8, 2022, 6:47 PM

President Joe Biden warned oil and gas companies against excessive price increases following his decision to block Russian energy imports to the U.S., emphasizing that the industry is capable of ramping up domestic production to ease prices at the pump.

Biden said Tuesday that U.S. gasoline prices will “go up even further” as a result of the move but vowed to do everything he could “to minimize Putin’s price hike here at home.”

“Russia’s aggression is costing us all and it’s no time for profiteering or price gouging,” Biden said Tuesday. “I want to be clear about what ...