Imports of Russian oil and gas will be banned, as per Joe Biden
Key takeaways:
- Amid concerns about the US and global energy prices, US President Joe Biden declared a ban on Russian oil, gas, and energy imports in response to intense political pressure from Congress.
Following intense political pressure from Congress and despite concerns about the US and global energy prices, US President Joe Biden declared a ban on Russian oil, gas, and energy imports.
"Today, I am announcing that the United States is targeting Russia's main economic artery." All Russian oil, gas, and energy imports are prohibited. As a result, Russian oil will no longer be accepted at American ports. The American people will strike back at (Vladimir) Putin's war machine once more."
While claiming that the decision was reached in close consultation with allies and partners, Biden acknowledged that not all of America's European allies and partners would be able to join the ban. "We produce far more oil in the United States than all of Europe combined." We are a net energy exporter. We are capable of taking this step when others are unable."
However, he stated that the US was collaborating with European countries to decrease their long-term reliance on Russian energy.
While the goal was to inflict more pain on Putin, Joe Biden acknowledged that there would be costs to the American people. "Defending liberty will cost us as well... Republicans and Democrats have both stated emphatically that this is something that must be done."
He said that Putin's war was already costing American families money and that gas prices would rise even more. The administration would do everything possible to alleviate pain at home and ensure a reliable global energy supply.
According to Joe Biden, oil and gas companies have been warned not to take advantage of the situation by charging exorbitant prices and profiteering.
Republicans have utilized the chance to criticize Biden's energy policy while calling for such a ban, and observers believe that a further increase in gas prices will become a key political problem in November's mid-term elections.
The president tried to defend his record on domestic oil and gas production, saying the crisis served as the importance of being energy self-sufficient. "We should be able to accelerate our transition to clean energy as a result of this."