As gas prices reach record highs, Biden to ban Russian oil imports
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President Joe Biden is expected to ban the importation of Russian oil, coal and gas as a response to the nation’s ongoing invasion of Ukraine just as gas prices in the U.S. reached a record high Tuesday.
Biden is expected to make the announcement from the White House Tuesday morning. The ban would come after a round of heavy sanctions that sent the Russian currency and stock market spiraling.
European nations have so far been very hesitant to enact any ban on Russian oil or gas, which accounts for about a third of Europe’s supply.
The Russian government warned against this kind of ban earlier this week.
“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” said Russian Deputy Prime Minister Alexander Novak in an address on state television Monday. “The surge in prices would be unpredictable. It would be $300 per barrel if not more.”
Meanwhile, gas prices have hit record highs. According to AAA, the average national gas price is $4.17 per gallon, the highest ever. That price is a major increase from just one year ago, when the average price was $2.77 per gallon.
Amid these price increases, Republicans have hammered the Biden administration for its energy policies with many calling on the president to replace Russia’s oil supply with a surge in U.S. oil production.
“Democrats will try to blame historic gas prices on Russia’s invasion of Ukraine. But the facts show otherwise,” said House Republican Leader Kevin McCarthy, R-Calif. “On Day 1, Biden halted the Keystone Pipeline and issued a moratorium on new oil and gas permits on federal lands. Then he gave the green light on a pipeline for Putin.”
A Rasmussen poll released Monday found that 70% of those surveyed say the U.S. government should encourage domestic production to make the nation less reliant on foreign sources of energy.
“With gas prices soaring, energy policy is likely to be a major issue in the midterm election campaign, and voters strongly favor a policy of promoting domestic petroleum production,” Rasmussen said. “The latest Rasmussen Reports national telephone and online survey finds that 70% of Likely U.S. Voters believe the U.S. government should encourage increased oil and gas production to reduce America’s dependence on foreign sources of oil and gas. Only 18% oppose a policy of encouraging U.S. energy independence, while 12% are not sure.”
This article was originally posted on As gas prices reach record highs, Biden to ban Russian oil imports
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