Biden claims 'not true' he is holding back US energy, warns Russian oil ban will cost Americans

President Biden on Tuesday said it is "not true" that his administration is holding back domestic energy production, while warning that the United States’ ban of Russian oil imports will "cost" American families, as Russia’s invasion of Ukraine continues.

Biden on Tuesday warned that gas prices will "go up further" from their current record levels, and he reiterated his support for government spending on renewable energy sources and criticizing the oil and gas industry for not taking full advantage of drilling opportunities in the U.S.

Americans are experiencing the highest gas prices since the 2008 financial crisis, with the national gas price average reaching more than $4 per gallon – the highest average to date, according to AAA.

"The decision today is not without cost here at home," Biden warned. "Putin's war is already hurting American families at the gas pump since Putin began his military buildup on Ukrainian borders."