By Nathalie Voit
President Joe Biden announced a U.S. ban on Russian oil imports amid Moscow’s invasion of Ukraine, according to remarks from the White House made on March 8.
On Tuesday morning, the administration released a statement by President Biden on “Russia’s unprovoked and unjustified invasion” of Ukraine. The White House unveiled more sanctions against Russia, including a boycott on all Russian oil imports.
“We’re banning all imports of Russian oil and gas and energy,” the president said in his speech. “That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine.”
“We’re moving forward on this ban, understanding that many of our European Allies and partners may not be in a position to join us,” he added, noting that the U.S. produces far more oil than all other European countries combined. “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.”
The Russian energy imports ban would apply not just to crude oil from the Russian Federation but also to Russian natural gas and coal, according to a copy of the Senate bill. Lawmakers from both sides of the aisle strongly urged for the ban, despite initial White House reservations on approving the measure due to already rampant energy inflation and high gas prices affecting consumers at home.
“Putin’s war is already hurting American families at the gas pump,” Biden said, noting that since military buildup on Ukrainian borders took place, gas prices had gone up by 75 cents. “I’m going to do everything I can to minimize Putin’s price hike here at home.”
News over the Russian oil ban arrives amid historically high gas prices, which today broke a 14-year record and became the most expensive in U.S. history. As of March 8, the cost of a regular gallon of gasoline is $4.173, breaking the previous high set in July 2008 of $4.11, according to AAA. Just one week ago, the national average gas price was $3.619. The action is expected to raise energy inflation as the U.S. and its international allies scramble to release oil from their reserves.
International Energy Agency (IEA) member countries led by the U.S. agreed to collectively release 60 million barrels of oil from strategic reserves on March 1 to stabilize global energy markets. Under President Biden’s authorization, the U.S. made an initial commitment to release 30 million barrels of oil to contain the impact of the geopolitical crisis on gas prices at home, U.S. Secretary of Energy Jennifer Granholm said in a Department of Energy statement.
The president reiterated his commitment to achieving energy independence in his speech so “tyrants like Putin won’t be able to use fossil fuels as weapons against other nations.”
Click here to access a transcript of President Biden’s full speech.
