Russian oil.Photo: Andrey Rudakov/Bloomberg via Getty
PresidentJoe Bidenon Tuesday announced a U.S. ban on Russian oil — the latest economic punishment inflicted after theRussian invasion of Ukrainebut one which also comes amidalready record-high gas pricesin North America.
“Today I’m announcing the United States is targeting the main artery of Russia’s economy,” Biden said in a speech from the White House. “We’re banning all imports of Russian oil and gas and energy. This means Russian oil will no longer be acceptable to U.S. ports and the American people will deal another powerful blow to this war machine.”
The U.S. has so far pursued economic and diplomatic punishments for Russia in response to its ongoing invasion of Ukraine, which began Feb. 24 — marking the first major land conflict in Europe in decades.
Russian invasion of Ukraine.SERGEY BOBOK/AFP via Getty
Biden’s restriction on Russian oil and gas was announced during an already tumultuous time, price-wise — nonetheless, Americanshave said in pollsthey are overwhelmingly in support of such measures to back Ukraine.
As part of the president’s order, Americans will also be prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia, the White House said.
On Monday, gas prices hit a national average of more than $4, up more than 10 percent in a week,TheNew York Timesreported.
According to the paper, less than 10 percent of America’s totaloil imports come from Russia, though the disruption to imports could rattle global markets that were already on edge.
The ban that Biden announced Tuesday does not apply to the European Union, which imports far more Russian oil. Separately, though,the E.U.and the U.K. bothsaid they wouldrestrict Russian oil imports.
Speaking from the White House, Biden acknowledged that many U.S. allies may not be in the same position to participate in such a ban but said he hoped to develop a “long-term strategy” to reduce dependence on Russian energy.
The White House says that means pursuing both a further reduction in America’s need for fossil fuels and, in the short-term, an increase in U.S. domestic production.
Economists who spoke to CBS News estimated that the ban in the U.S. could make its way to American consumers where gas prices may keep spiking tomore than $5 a gallon.
President Joe Biden.Anna Moneymaker/Getty
“With this action [prices are] going to go up further,” Biden acknowledged Tuesday. “I’m going to do everything I can to minimize Putin’s price hike at home.”
In an effort to blunt some of that increased cost, the U.S.and its partners are releasing 60 million barrels of oil from joint reserves and weighing whether to import more oil from other countries with which it has historically had strained relations, such asVenezuela, Saudi Arabia and Iran.
Surveys so far show Americans support such penalties even if it increases price domestically.
source: people.com
