Mid-Week Review – February 16, 2022

Ukraine crisis: Human cost of Russia attack would be immense – Biden

A Russian attack on Ukraine is “still very much a possibility” and the human cost would be “immense”, US President Joe Biden has said. In remarks televised nationally, he said the US was ready to respond decisively to such a move. Mr. Biden said Russia had massed some 150,000 troops on Ukraine’s borders. Russia says it is pulling back some of its troops. On Wednesday, it announced that military drills in Moscow-annexed Crimea had ended. Click Here to read more from BBC.

‘A very scary concept’: Energy ministers fearful of oil prices surpassing $100 a barrel

Energy ministers representing Egypt and Cyprus on Monday said they were deeply concerned about the potential for oil prices to climb above $100 a barrel. It comes at a time when more than a dozen countries have urged their citizens to leave Ukraine amid warnings of an imminent Russian invasion. International benchmark Brent crude futures soared to a new seven-year high on Monday morning on the elevated geopolitical tensions. Click Here to read more from CNBC.

Ukraine tensions drive gas prices to their highest level in years

Fears of a possible Russian attack on Ukraine are adding to rising global oil prices, causing more pain at the pump for U.S. motorists. Gasoline prices surged across the U.S. this week to their highest level in eight years amid rising concerns that a military conflict in Eastern Europe could drive up energy costs. The average price of a gallon of gas hit $3.49 on Wednesday, according to AAA, up four cents from the previous week and roughly a dollar from a year ago. It is the highest price since October 2014, according to the Energy Department. Click Here to read more from CBS.

Factbox: What are Europe’s options in case of Russian gas disruption?

Concern has mounted over the possible disruption of supplies from Russia, Europe’s biggest gas provider, following the buildup of Russian troops near Ukraine and heightened tensions between Moscow and the West. Russia said on Tuesday some of its troops were returning to base after exercises near Ukraine and mocked repeated Western warnings about a looming invasion, but NATO said it had yet to see any evidence of de-escalation. Click Here to read more from Reuters.