President Joe Biden’s anti-energy agenda and perceived weakness on the global stage have caused turmoil domestically and worldwide, with America’s greatest ally, Israel, recently being invaded by Hamas, a terrorist organization, and the U.S. in disarray over the president’s policies.
Many have pointed the finger at Biden over the current situation in the Middle East. Early on in his tenure, the president decided to reimplement the Iran nuclear deal and provide the terrorist-riddled country with $6 billion, which Iran later allocated to Hamas.
Now, Americans may find their energy prices increase once again given the president’s anti-energy agenda and his failure to secure peace in the Middle East, unlike former
President Donald Trump, who drafted the Abraham Accords in 2020.
The World Bank recently warned that because of the Israel-Hamas war, oil prices will skyrocket. The international banking organization said that should the conflict in the Middle East intensify, the price of an oil barrel could reach “uncharted waters,” as reported by Just the News.
Oil prices could reach 'uncharted waters' if the Israel-Hamas war escalates, the World Bank says. Click on the image below to read more ↓ https://t.co/UzqIUJrsnq
— CTV News (@CTVNews) October 30, 2023
Since Biden took office, energy prices have skyrocketed. Americans are having to pay up to three times more for gasoline and electricity compared to three years ago.
Now, the World Bank is foreshadowing rising energy prices once again as the conflict in the Middle East continues. The institution said that the Israel-Hamas war could push oil prices up by 56-75%, given the fact that the conflict could cause global oil supply to drop by approximately 6%.
“The latest conflict in the Middle East has raised geopolitical risks for commodity markets,” the World Bank warns.
“So far, its impact on prices has been small. However, previous military conflicts in the region often resulted in higher prices and volatility in commodity markets. This suggests that an escalation of the conflict could trigger sharp oil supply disruptions, depending on the duration and scale of the escalation,” it added.
The World Bank pointed out that since Oct. 7, 2023, the day Hamas invaded Israel, oil prices increased by 9% and have risen by an additional 6% since then. The organization added that global oil prices have been exacerbated by the ongoing war between Russia and Ukraine.
“The latest conflict in the Middle East comes on the heels of the biggest shock to commodity markets since the 1970s — Russia’s war with Ukraine,” the World Bank’s chief economist, Indermit Gill, said in a press release.
“That had disruptive effects on the global economy that persist to this day. Policymakers will need to be vigilant. If the conflict were to escalate, the global economy would face a dual energy shock for the first time in decades — not just from the war in Ukraine but also from the Middle East,” Gill added.