President Biden Bans Russian Oil, Americans will also Pay a Cost
By Yehudit Garmaise
“We are banning all imports of Russian oil, gas, and energy,” President Joe Biden announced today at 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.
“Americans have rallied to support the Ukrainian people, and made it clear, we will not be part of subsidizing Putin’s war.”
Last year, approximately 8% of the US’s oil and refined products, came from Russia, Andy Lipow, the president of Lipow Oil Associates LLC in Houston, told Wall Street Journal.
However, although Russian crude oil has never made up a large part of the US oil supply, in 2021 U.S. imports of Russian crude hit the highest levels in a decade.
“This is a step we are taking to inflict further pain on Putin, but there will be costs as well here in the US,” the president admitted. “When I first spoke to [banning Russian oil], I said defending freedom is going to cost.”
The president was likely alluding to higher and higher prices at the gas pumps as global supplies of gas dwindle with worldwide boycotts of Russian oil.
“Republicans and Democrats alike have been clear that we must do this,” said Biden whose announcement on banning Russian oil is part of what may be an experiment in history to see whether NATO can stop an aggressive and violent dictator through meting out what he called the “strongest package of economic sanctions in history,” instead of sending soldiers to fight Russians in Ukraine.