Economy
Biden Bans Russian Oil Imports, Brace for Higher Gas Prices
On Tuesday, President Joe Biden Tuesday ordered an immediate ban on Russian oil imports. This is in retaliation for Russian President Vladimir Putin’s decision to invade Ukraine two weeks ago.
Biden’s decision comes amid support from American lawmakers and voters. However, the decision will likely drive gas prices further up.
RELATED: Will Economic Sanctions Work Against Russia This Time?
A Blow To Putin’s War Machine
Biden announced the move to reporters at the White House. “We're banning all imports of Russian oil and gas energy,” he said. US ports will no longer accept shipments of Russian oil imports. As a result, the “American people will deal another powerful blow to Putin's war machine.”
The ban is the latest among a series of US and European sanctions imposed on Moscow. Russian soldiers are currently targeting cities in Ukraine, killing hundreds of civilians. Millions of Ukrainians are now fleeing their homes to seek shelter elsewhere.
Meanwhile, Biden affirmed America’s support for Ukraine. “Russia may continue to grind out its advance at a horrible price, but this much is already clear: Ukraine will never be a victory for Putin.
Putin may be able to take a city, but he'll never be able to hold the country,” he said. Despite the support, Biden promised that the US will not send troops to the area to help fight off the Russians from Ukraine.
Oil Prices Surge As Supplies Tightened Even More
Expectedly, oil prices jumped on the news that oil supplies will continue to remain tight. The benchmark Brent crude oil went up by 5.4% to $129.91 per barrel. Consequently, retail gasoline prices also spiked in the US.
By Tuesday, the average cost of a gallon of gas is now $4.17. This is the highest average price recorded in American history. Previously, the highest average cost was $4.11 set in 2000 during the global financial crisis.
US Isn’t Dependent on Russian Oil and Gas
The President signed an executive order on the ban soon after his remarks. Biden’s executive order covers not just oil imports but natural gas as well.
Russia exports between 4 and 5 million barrels of crude oil a day. It also exports around 8,500 billion cubic feet of natural gas annually.
In fact, the US only accounts for around 1% of Russian oil exports and around 4% of natural gas.
Russia can probably survive a US ban, but if it loses its European customers, the country will face a serious economic blow. Already, the UK announced it will phase out its dependence on Russian oil imports by year’s end.
Watch the ABC News video reporting that President Joe Biden bans US imports of Russian oil, gas, and coal:
Loading ...What do you think of America’s move to ban oil and gas imports into the country? Is this more of a symbolic gesture given we’re not really dependent on Russian oil imports? Or, is this a convenient excuse for higher gas prices?
Tell us what you think. Share your comments below.
4 Comments
When the previous administration decreed our energy independence gas prices stabilized and were very affordable! As soon as Bumbling Joe took over gas prices started rising immediately after he signed the executive order for green energy! We have more energy here than we could ever use if the government would just allow the oil and gas sector to produce it! Green energy is a great idea, BUT, it’s just not feasible, or ready, at this point in time! It is something that needs to be gradually done as it is impossible to make the change by shutting down one sector and going to the other before the other is ready! 75% of the country can’t afford to buy electric cars at this juncture! Plus it still takes natural gas to produce electricity! Open up oil and gas production, without all of the restrictions and red tape, and let the people survive this horrible economy that this has created!!! Biden doesn’t have to worry about paying for gas, and really couldn’t care less about the average family! $4+/gallon for gas is killing the working class!!!
Thomas Jefferson once said, “Show me a politician that gets rich while in office, and I’ll show you a crook!”
I didn’t hear sleepy Joe say we’re going to restart the Keystone Pipeline, or that the USA will be energy independent!
That’s the real reason gas and energy prices are so high and climbing! The Biden administration caused it and they are trying to advert attention away from another of his fuck ups!
This asshat is going to get us into WWIII with his weakness and vulnerabilities of being paid by russia, ukraine, china, and everywhere else. Meanwhile another failed witch hunt for Trump and his taxes, and they’re indicting the “asian” leader of the proud boys, and conservative Christians. Religious persecution in full effect. I can’t wait until the tide flips and all of the radical, maniacal liberals are investigated, descriminated and locked up for their beliefs.
I saw this coming when Biden took Harris as his running mate.
Harris was calling Biden a racist in the debates. But he still took her as his running mate because thats what the elites wanted. They knew Biden would die in the next 4 years. Then Harris would be the first black female president.
You think that Russia and China think we are weak now just wait until she takes over. Russia and China will attack the U.S. so fast,then WW III!!!
That is the reason behind the U.S. buying up Russia’s oil. That way when the war starts we will have all the oil we need right here at home.
OIL is what keeps the war machine turning. No oil and all your machines stop. Becsuse no oil, no gas, no war!!
There is a method behind the madness.
And if you don’t think there won’t be a WW III. JUST WAIT UNTIL HARRY ASS BECOMES PRESIDENT!!!!