Biden Warns a Russian Invasion of Ukraine Could Have Impact on Energy Prices

President Joe Biden is warning that a Russian invasion of Ukraine could have an impact on Americans’ wallets when they head to the gas pump.

During remarks at the White House on Tuesday, Biden said, “I will not pretend this will be painless. There could be an impact on our energy prices. So we are taking active steps to alleviate pressure on our own energy markets and offset raising prices.”

“We’re coordinating with major energy consumers and producers. We’re preparing to deploy all the tools and authority at our disposal to provide relief at the gas pump. And I’ll work with Congress on additional measures to help protect consumers and address the impact of prices at the pump,” he added.

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Biden’s remarks come hours after Russia said it is pulling back some troops from near Ukraine’s border now that their military exercises are complete. However, it said that other major military exercises are continuing.

NATO Secretary General Jens Stoltenberg said that the alliance had not seen “any sign of deescalation on the ground.” Still, he said there was cause for “cautious optimism” amid “signs from Moscow that diplomacy should continue.”

That comes after Russian state television showed Russian Foreign Minister Sergey Lavrov telling Russian President Vladimir Putin that “possibilities” for diplomatic negotiations are “far from exhausted.”

“I would propose continuing and intensifying them,” he added.

Putin responded, “Good.”