Rising gas prices pour billions into Putin's war chest against Ukraine

Global oil prices rose 7% after Israel and Iran exchanged attacks, according to President Zelenskyy’s Jun. 14, 2025 warning.

Oil revenues account for approximately 30% of Russia’s federal budget, directly funding its war effort in Ukraine.

Every $10 increase in oil prices adds about $300 per year to the average American household’s gasoline and heating bill.

The U.S. Strategic Petroleum Reserve exists to help lower domestic oil prices in emergencies, but political considerations have often prevented its release.

Despite high domestic output, the United States still imports oil, leaving American consumers vulnerable to geopolitical disruptions.

Western allies have not enforced effective price caps on Russian oil exports, allowing Moscow to benefit from elevated global oil prices.