Eric Beech and Steve Holland

WASHINGTON, (Reuters) – President Joe Biden has rejected Republican allegations that he holds back oil production in America due to a ban on Russian oil imports. This is driving up gasoline prices.

Biden spoke at the Democratic National Committee’s winter meeting. Biden stated that Americans feel pain from an increase in gasoline prices as a result of Russia’s war against Ukraine. However, “they know the cost of not acting now is going to be greater” to stop Russian President Vladimir Putin.

A number of US sanctions have been imposed on Russia following its invading of Ukraine two weeks back. Biden placed an immediate ban on Russian energy imports on Tuesday.

Republicans accused Biden, as he attempts to change the United States towards greener policies, of slowing down American energy production. They also claim that rising prices are a result of this.

Biden said the spike was due to “Putin’s price increases” and claimed that oil companies don’t need any incentive to produce more.

The CEOs of the major oil companies said that they would increase production and investment. “They have the capability to do so,” he stated.

He cautioned against the profiteering of soldiers in war.

“In these times of conflict, it is not a time to make a profit. Biden stated that it was time to reinvest in America.

Democrats want to keep control of Congress and win the November elections.

In the majority of cases, the party that holds the White House during the first elections in Congress after the presidential election usually loses seats. Republicans claim they feel confident in making gains.

Biden claimed that Democrats must hold Congress on their own to avoid “sad, sad two-year wait” for the 2024 election.