White House says Americans should expect higher energy prices amid Russia-Ukraine tensions
Nevertheless, the White House predicted steps that are being taken will eventually bring prices down
Energy expert predicts gas prices could hit $5 to $7 per gallon
The Energy Word founder Dan Dicker shares his outlook for higher gas prices based on high demand and flooded markets.
The White House says Americans should expect higher energy prices as a result of Russian President Vladimir Putin's invasion of Ukraine and sanctions levied against Moscow.
Asked Tuesday whether Americans "should expect higher gasoline prices," White House press secretary Jen Psaki said, "Yeah, energy prices, exactly."
"That's what we want the American public to be aware is a possibility," she added.
White House Press Secretary Jen Psaki speaks during the daily press briefing at the White House Feb. 22, 2022 in Washington, DC. (Photo by Drew Angerer/Getty Images)
Speaking from the White House on Tuesday, deputy national security adviser for International Economics Daleep Singh expressed optimism that gasoline prices will decline over time.
White House press secretary Jen Psaki and Deputy national security adviser Daleep Singh take questions during the daily press briefing at the White House Feb. 22, 2022 in Washington, D.C. (Photo by Drew Angerer/Getty Images)
"There are actions [energy consuming nations] can take with their strategic reserves, there are actions energy producers can take in terms of their spare capacity," Singh told reporters. "I'm not going to give you a timeline, but the collective power of those actions, and all the other tools and authorities at our disposal … will be effective in bringing down the price of gas and the price of oil."
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Deputy national security advisoer Daleep Singh speaks during a briefing in the James S. Brady Press Briefing Room of the White House in Washington, DC, on Feb. 22, 2022. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
President Biden on Tuesday announced new sanctions against Russia, pointing to "the beginning of a Russian invasion of Ukraine." He authorized additional U.S. forces to the region but maintained that the United States has "no intention" of fighting Russia.
Fox News' Brooke Singman contributed to this article.