Energy in America

President Biden said Thursday the U.S. is working with other countries on a coordinated oil release from the global petroleum reserve in the coming days in a bid to tamp down rising gasoline prices.

Gas prices, nationally, are averaging at $3.54 per gallon with diesel fuel at $3.96.

Founder of Michael Lee Strategy Michael Lee warned if Russian President Vladimir Putin decides he wants to take over all of Ukraine, it will be the beginning of World War III, which could be "catastrophic for everything."

FOX Business' Stuart Varney discusses the economic disruption the U.S. can face as Russia moves forward with an invasion of Ukraine.

Price Futures Group senior market analyst Phil Flynn argues that Russia invading Ukraine is a "total disaster" for the global oil market.

Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014, after Russia's attack on Ukraine exacerbated concerns about disruptions to global energy supply.

The Nord Stream 2 pipeline, which would transport gas from Russia to Germany, was halted by Germany in response to Russian troops crossing into Ukraine. While the pipeline has been the recent focus of calls for sanctions against the Kremlin, American lobbying groups made big money supporting it.

The White House said Wednesday that sanctions levied against Moscow “will not have an impact” on Americans amid the ongoing turmoil in Europe between Russia and Ukraine.

President Biden announced that he will be imposing sanctions on the Nord Stream 2 pipeline connecting Russia and Germany, in response to Russian actions in Ukraine.

American Petroleum Institute CEO Mike Sommers warns if Russia fully invades Ukraine, Putin will gain full access to European energy markets.

The White House says Americans should expect higher energy prices as a result of Russian President Vladimir Putin's invasion into Ukraine, as well as subsequent actions taken by the U.S. government against the country.