Here Are The Facts About Biden’s Ban Of Russian Oil, Natural Gas, And Coal

Republicans are blaming President Biden’s policies, but here are the facts about the White House ban on the importation of Russian oil, natural gas, and coal.

According to a fact sheet provided to PoliticusUSA by the White House:

Today’s Executive Order bans:
  • The importation into the United States of Russian crude oil and certain petroleum products, liquefied natural gas, and coal. Last year, the U.S. imported nearly 700,000 barrels per day of crude oil and refined petroleum products from Russia and this step will deprive Russia of billions of dollars in revenues from U.S. drivers and consumers annually.
     
  • New U.S. investment in Russia’s energy sector, which will ensure that American companies and American investors are not underwriting Vladimir Putin’s efforts to expand energy production inside Russia.
     
  • Americans will also be prohibited from financing or enabling foreign companies that are making investment to produce energy in Russia.
     
Putin’s brutal war has led to higher energy prices and raised costs for Americans at home. Today, President Biden made clear that he will keep working to mitigate the pain American families feel at the pump and reduce our dependence on foreign oil and fossil fuels:
  • The Administration has already committed to releasing more than 90 million barrels from the Strategic Petroleum Reserve this fiscal year, with an emergency sale of 30 million barrels announced just last week. After intensive around-the-clock coordination and consultation by President Biden, the International Energy Agency (IEA) Member countries agreed to a collective release of an initial 60 million barrels of crude oil from our strategic petroleum reserves, with the United States committing half of that in the emergency sale. We are in conversations with a range of energy producers and consumers on further steps we can take to ensure a stable global supply of energy.
     
  • U.S. oil and gas production is approaching record highs, while thousands of drilling permits on federal lands go unused. Federal policies are not limiting the production of oil and gas.  To the contrary, the Biden Administration has been clear that in the short-term, supply must keep up with demand, at home and around the world while we make the shift to a secure clean energy future.  We are one of the world’s largest producers with a strong domestic oil and gas industry. Natural gas production has never been higher, and crude oil production is expected to hit a new high next year. Oil and gas companies, and the finance firms that back them, should not use Putin’s war as an excuse for excess price increases or padding profits, and, as major energy company leaders have themselves said, they have the resources and incentives they need to further increase production in the United States.

In the long run, the way to avoid high gas prices is to speed up – not slow down – our transition to a clean energy future.  We cannot drill our way out of dependence on a global commodity controlled in part by foreign nations and their leaders, including Putin. The only way to eliminate Putin’s and every other producing country’s ability to use oil as an economic weapon, is to reduce our dependency on oil.  So, even as President Biden does everything in his power in the short term to make sure we can readily access the oil and gas necessary to protect American consumers and allied countries– including through greater U.S. domestic production that is expected to hit record highs next year – this crisis reinforces our resolve to make America truly energy independent, which means reducing our dependence on fossil fuels. This is a shared goal with our European allies, that we will work together to achieve.

 

Republicans are looking to use rising gas prices to anger voters ahead of the midterm election, but it is decisions by the oil companies along with Putin’s invasion that has led to higher gas prices.
Know the facts and ignore the partisan game playing.
The blame for pain at the pump rests with Vladimir Putin, not Joe Biden.
Biden speech in Pittsburgh
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