Biden says he'll try to limit what Americans pay at the gas pump as the US slaps Russia with more sanctions: 'This is critical to me'

• Biden tried quelling fears of another spike in prices, particularly for gas.
• "I will do everything in my power to limit the pain the American people are feeling at the gas pump," he said.

President Joe Biden sought to quell fears of another spike in prices on Thursday after Russia unleashed a military assault on Ukraine that threatened to upend the global economy.

In a 22-minute news conference, the president announced a fresh round of sanctions to choke off Russian financial institutions and some elites from accessing financial markets along with restricting US exports of technology.

But he tried steeling Americans for the potential economic ripple effects of the war hitting their wallets, particularly at the gas pump. The threat of war in Ukraine in recent weeks has contributed to spiking oil prices, with the benchmark Brent crude oil hitting $100 for the first time since 2014 Wednesday night amid the early stages of Russia's invasion.

"I know this is hard and Americans are already hurting," he said at a White House address. "I will do everything in my power to limit the pain the American people are feeling at the gas pump."

He opened the door to another release of oil from the Strategic Petroleum Reserve, a step the Biden administration took in November to try and provide relief at the pump.

The president did not mention a potential gas tax holiday. Democrats facing tough re-election campaigns have raised the possibility of suspending the federal gas tax through the end of the year, an idea most economists view as insufficient to materially help gas prices. Top Republicans have also slammed the idea.

Biden warned oil and gas companies against profiting off the crisis overseas. "We're taking active steps to bring down the cost," he said. "And American oil and gas companies should not exploit this moment to hike their prices to raise profits."

Russia's economy is heavily reliant on oil and natural gas revenues, but sanctioning sectors of its energy economy could blow back against European nations in particular. Both Germany and the US have already committed to blocking the Nordstream 2 pipeline's final approval, thwarting a key route from Russian gas-production sites to mainland Europe.

"Welcome to the brave new world where Europeans are very soon going to pay €2.000 for 1.000 cubic meters of natural gas!" Former Russian President Dmitry Medvedev wrote on Twitter shortly after Germany announced its decision, an explicit threat of how Russia will squeeze European countries.

Domestically, energy prices have already been among the largest drivers of inflation. The Consumer Price Index — a commonly used measure of US inflation — rose 7.5% year-over-year in January, the Bureau of Labor Statistics announced earlier this month.