When the US started imposing sanctions on Russia, President Joe Biden made a promise.

He said he would try to insulate Americans from the effects of sanctioning one of the world's largest oil producers.

I will do everything in my power to limit the pain the American people are feeling at the gas pump.

This is critical to me.

Biden pledged to use all the tools at his disposal to try and keep oil prices low.

We are closely monitoring energy supplies for any disruption.

We've been coordinating with major oil producing and consuming countries toward our common interest to secure global energy supplies.

We are actively working.

But despite his efforts, a week into the invasion of Ukraine, the price of oil has soared.

I think he had $115 a barrel today.

Brent oil, breaking $110 a barrel crude oil prices have risen to levels not seen in a decade.

This week, the price of a barrel of oil hit nearly $116.

It's the highest since 2008.

Meaning the war on Ukraine is starting to hit the US economy.

Welcome to the journal, our show about money, business and power. I'm Ryan Knudsen.

It's Friday, March 4th.

Coming up on the show, why oil prices keep climbing?

And what if anything, President Biden can do about it?

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