US President Joe Biden stated on Tuesday that his government will restrict Russian oil, natural gas, and coal imports into the United States, a move he cautioned might lead to a surge in domestic gas prices.
This is the latest move by the United States aimed at intensifying economic pressure on Russia in reaction to that country’s invasion of Ukraine.
“Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” Biden said in remarks from the White House. “That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine.”
Sanctions on Russia’s oil and gas industry were originally thought to be mainly off the table since policymakers in the US and Europe were concerned about a worldwide price surge. However, as Russia’s attack in Ukraine increasingly targets civilians, pressure on Biden to intervene has grown, notably from Ukraine’s president and American politicians from both parties.
According to CNN, Biden acknowledged in frank remarks from the White House that the step was likely to lead to higher costs for Americans, a potent political issue that is already leading to attacks from Republicans.
Biden pinned blame for the spike on Russian President Vladimir Putin, calling it “Putin’s price hike.”
Due to debate among European states on whether to prohibit Russian energy imports, the US is anticipated to act unilaterally, without the support of its European allies. The EU has a much greater vulnerability to Russian energy than the US. The United Kingdom stated shortly before Biden’s speech that it will phase out Russian oil imports before the end of the year.
Given the intense political pressures at home, US authorities believed that moving without their entire coalition would not cause severe problems.
Biden emphasized in his remarks that his decision will likely hurt Americans at the gas pump.
“The decision today is not without cost here at home,” Biden said. “Putin’s war is already hurting American families at the gas pump. Since Putin began his military build-up at Ukrainian borders, the price of gas at the pump in America went up 75 cents and with this action it’s going to go up further. I’m going to do everything I can to minimize Putin’s price hike here at home.”
The President also warned companies against price gouging during a time of crisis.
“To the oil and gas companies and to the finance firms that back them: We understand Putin’s war against the people of Ukraine is causing prices to rise. We get that. That’s self-evident but- it’s no excuse to exercise excessive price increases or padding profits or any kind of effort to exploit this situation or American consumers, exploit them. Russia’s aggression is costing us all. And it’s no time for profiteering or price gouging,” Biden said.
US imports from Russia make up a small slice of American energy portfolio, roughly 8% in 2021, of which only about 3% was crude oil.
The Department of Energy reported that in the last two weeks of February, Russian oil imports dropped to zero as US companies cut ties with Russia, effectively implementing their own ban.
Just Asking…..it is people like you who making the Democratic Party to have blacks as brainless and stupid fools. Some of us don’t use the brain God gave us. I commented on the subject at hand, if you disagree, show me Biden did not stop the pipe line from Canada to the U.S. Prove to the readers Biden did not give the OK for Putin to supply gas to Germany. That gas was not already over $3 plus before the war started.
Can’t you see Biden is not the one making decisions. When Trump was president,he told Putin “if you invade Ukraine,I will destroy Moscow”
In 70yrs Trump was the only U.S. president who never started a war. ISIS was born under Obama and half dead Biden. During the 2016 campaign Trump said, if elected I will eliminate ISIS. Promise made promise kept. Under him almost all the terrorist leaders were killed including Abu Bakr Al-Baghdadi. His last 18 months in office not one soldier was killed in Afghanistan. Under Biden, In a few months 13.
I’ve read many of your comments and from your mind-set I was simply waiting for you to admit that you think of blacks as brainless and stupid fools, unless you disown that statement.
Except for the fact that he is the lesser of the 2 evils I don’t care much for Jim crow Joe either. Move on. Trump was rendered a failure after he got rid of EPA etc for big businesses on welfare, and threw his support behind white supremacist sleeper cells. Although he is poised to lose the GOP nomination to white supremacist Marjorie Green et al, the only sympathy i have for him is that he was abused by several teams of lawyers and racist handlers that he gave front row seats at his ‘white’ house. Will u just agree that the one-term president lost the last election, quit crying and move on, or join them again to try overthrowing the U.S gov’t?
@JJ aka Channel1. Enuf with the old campaign he out, gone, Majorie is now in. Maybe ‘Obama’ is the one who put out ISIS, eat heart out. So you are saying that he said “if you invade Ukraine,I will destroy Moscow” blabla bla. .. it’s common knowledge that the nom beff didn’t get the beff he wanted from Ukraine. You know he likes mepuis so the invasion isn’t shaking him but Putin is his friend. Snubbed by Ukraine, would you say that to a friend?
Germany and Russia had an agreement for Russia to supply Ger. With oil and gas via pipeline (Nord Stream). When Trump took office, during an E.U. meeting he told Germany and others, this is a wrong move, he went on and reminded them. Since after world war 2 the U.S. is protecting Germany from Russia. It is costing us millions of $ by stationing soldiers in Germany, if allow this project to continue, you will be beholden to Russia.You will not be able to take an independent decision. You could see some members at that meeting laughing at Trump. ( CNN and the other medias won’t show you this video). There is a saying “who laugh last, laughs the best”. So Trump did canceled this project. The very first day Biden took office he signed an executive order and reversed Trump’s action and tell Putin to restart the pipe line.
Do you know who refused to stop buying oil from Putin? Germany and the Netherlands.
Trump was right again.
You just got off the Fox or Breitbart sight with this update?
@J.John-Charles – The behind-the-scenes power brokers knew exactly why they did not want Trump to remain office. They could not control him.
Definitely, Trump was & continues to be correct on quite a number of issues!!!
If Trump was president CNN would find a way to blame him for everything. What CNN and Biden is not saying.The same day he took office Jan.20.21 he met an ongoing project.(The Key Stone Pipe Line) for Canada to bring oil and gas to the U.S. he stopped it. Y CNN and Biden is not telling us how he stop giving permission to oil companies to drill on state land,Like in Alaska.Also puting hard regulations, making it difficult for the companies to operate, He only give permission in areas where there is no oil.
Under Trump we were paying $2 plus per gal. Under Biden before the war it was already $3.60. Yesterday I filled my 2 cars and paid $4.20. So don’t tell us blame Putin.
This man stifled oil production in the U.S. and even before the war started, he was begging OPEC and other oil producing countries to drill more oil.Just last yr. Biden imported about 2 million gal. of oil and gas from Russia.
Forgive my grammar
Sorry to hear that but Majorie Taylor Green of Qanon has called his bluff, white supremacists are gonna fight for the nomination, she thinks he was too “Soft” pardon the expression.
The world is troubled and living ain’t easy. We might just have to go back to basics.
Haha…These are serious times and I’m already going back basics. With the world leaders being overwhelmed with chaos those little Tin gods (dictators) are breathing a sigh of relief. “O! They aren’t coming after me now.” People like Skerrit must be hoping that the war continues forever. Wat pala shatt ka by bal.
I wonder what the very corrupt Russian oligarch of Morne Bruce Dominica is saying? Well his Chinese friends and advisors must be keeping his lips tight. No wonder he built not far from the Chinese Embassy. But boy if a drone would land close to Morne Bruce now all his pwell would fall out for fear.
You see mista have any Pwell? He acts like he has Balls…