US Vice President JD Vance said that military conflicts, including Russia's full-scale invasion of Ukraine, cause significant increases in gasoline prices for American consumers. According to him, such events have repeatedly caused spikes in energy prices.
Vance made the statement on October 26 during a campaign speech in Belgrade, Montana. The broadcast of the speech is published on YouTube, and his main statements are also reported by Mediaite.
Vance recalled the sharp rise in gasoline prices in the US after the start of the Russian invasion in February 2022. According to him, prices rose significantly higher than current levels.
“Remember 2022, when Russia invaded Ukraine and gas prices skyrocketed? They went much higher then than today,” — said the US Vice President.
Vance also cited 1979, 2001, and 2007 as examples, when significant price fluctuations occurred in energy markets. He linked such situations to international crises and the actions of authoritarian leaders.
“Prices skyrocket every time a small-time dictator decides to throw a tantrum,” — he said.
Separately, the vice president acknowledged that gasoline prices in the United States remain too high, and that the Donald Trump administration has not yet solved the problem of rising costs for American families.
At the same time, Vance placed responsibility for the previous inflationary crisis on the Joe Biden administration, recalling that the US then experienced the strongest rise in consumer prices in several decades.
According to official data from the US Bureau of Labor Statistics, in June 2022 annual inflation reached 9.1% — the highest figure since November 1981. However, price growth began back in 2021, before Russia's full-scale invasion of Ukraine, so attributing the entire inflationary crisis solely to the war is incorrect.
To reduce US dependence on international energy crises, Vance proposed continuing to expand domestic oil production and refining capacity.
He contrasted the Trump administration's energy policy with the Democrats' approach, who, according to him, are betting on the development of wind energy.
The vice president called for building more oil refineries and other energy facilities, as well as increasing oil and gas production within the United States.
According to him, such a policy will allow American consumers to depend less on new crises in the Middle East and fluctuations in global energy prices.
Vance's statements came amid the ongoing energy crisis related to the US-Iran war. Rising oil prices and disruptions in international fuel supplies remain one of the main economic problems for the American administration ahead of the November 3 midterm congressional elections.
