Biden bans Russian oil imports

The US is not highly dependent on Russia for its energy supplies, importing an average of 209,000 barrels per day of crude oil in 2021 – or 3 percent of the country’s total crude imports, according to the American Fuel and Petrochemical Manufacturers (AFPM) trade association.

Europe has a larger dependence on Russian energy supplies, with about 35 percent of natural gas in the European Union coming from Russia.

Biden acknowledged that on Tuesday, saying the US understands that many of its European allies “may not be in a position” to impose a similar ban. “The United States produces far more oil domestically than all the European countries combined,” the US president said.

“We can take this step when others cannot, but we’re working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy, as well.”

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On Tuesday, the European Commission said the war “demonstrates the urgency of accelerating our clean energy transition”, announcing plans to increase the EU’s energy independence while reducing its reliance on Russian supplies.

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Amid a raft of economic sanctions against Russia since it launched its Ukraine invasion, major international energy companies also have cut off ties to Russian state-owned energy entities.

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Oil and gas giant Shell said on Tuesday that it would gradually withdraw from all Russian oil and gas, beginning with an immediate stop to all “spot purchases” of Russian crude oil. The company’s CEO, Ben van Beurden, also apologised for buying Russian crude last week, saying the decision “was not the right one” amid the continuing war in Ukraine.

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Biden in his news conference on Tuesday acknowledged that his administration’s ban on Russian energy would likely lead to higher prices at US gas pumps.

“Right now, US consumers on average are paying about $4-plus for a gallon of gasoline or petrol. That’s up from about $2.70 a year ago, but that is expected to climb significantly,” said Halkett, adding that the ban could have political repercussions for Biden domestically as the US gears up for important midterm elections later this year.

“Still, this is something that the US president underscored in his remarks that he believes is worthy of doing,” she said.

  alJazeera

I'm surprised.  But I'm sure he's gambling on a deal with Venezuela, and perhaps if necessary, a release of some US product, to smooth over ruffled voters' feathers in time for the November elections.