Democrat President Joe Biden has just announced that America is banning all imports of Russian oil, gas, and energy in response to Vladimir Putin’s invasion of Ukraine.
The move is fraught with peril for Biden as gas prices are already at record highs across the country.
Despite the mounting crisis, the Biden administration is so far refusing to increase domestic output to compensate for the shortfall.
“Today I’m announcing the United States is targeting the main artery of Russia’s economy,” Biden said Tuesday.
“The American people will deal another powerful blow to Putin’s war machine.
“We are banning all imports of Russian oil, gas, and energy.
“It is simply not true that my administration or policies are holding back domestic energy production,” Biden claimed.
“This much is already clear: Ukraine will never be a victory for Putin.
“I’m going to do everything I can to minimize Putin’s price hike here at home.
“I said defending freedom is going to cost.
“It’s going to cost us, as well.
“Republicans and Democrats alike understand that.
“Republicans and Democrats alike have been clear that we must do this.
“One ruble is now worth less than one American penny.”
The president claims that sanctions have caused the Russian economy “to, quite frankly, crater.”
“Republicans and Democrats alike have been clear that we must do this,” he said.
“The United States produces far more oil domestically than all the European countries combined.
“So we can take this step when others cannot.”
Pres. Biden on ban of Russian oil imports: “I said defending freedom is going to cost. It’s going to cost us, as well…Republicans and Democrats alike understand that. Republicans and Democrats alike have been clear that we must do this.” https://t.co/0D4fobaeBA pic.twitter.com/2lseBouOo2
— ABC News Politics (@ABCPolitics) March 8, 2022
Pres. Biden says European allies “may not be in a position” to join U.S. ban on Russian oil imports.
“The United States produces far more oil domestically than all the European countries combined…So we can take this step when others cannot.” https://t.co/0D4fobaeBA pic.twitter.com/QvVeUzPNmg
— ABC News Politics (@ABCPolitics) March 8, 2022
From ABC:
About 8% of U.S. imports of crude oil and petroleum products came from Russia last year, according to preliminary U.S. government data; 3% of U.S. oil came from Russia.
White House officials also say the impact on Russia, which sent just 1% of its oil exports to the U.S. in 2020, would not be great — especially when its oil and gas sector is already “de facto sanctioned” because of harsh restrictions on Russian banks.
But in an NPR/PBS NewsHour/Marist poll last week, 69% of Americans said they supported economic sanctions on Russia even if they resulted in higher energy prices in the U.S.
There is less appetite in Europe for a ban on Russian oil and gas imports, since European nations rely heavily on Russia for their energy needs — nearly half of Russian oil exports go to Europe, according to U.S. government figures — and analysts say a ban would raise Europe’s energy prices significantly.
