U.S. President Biden announced a ban on Russian oil imports to the United States today, supposedly in retaliation for Russia’s invasion of Ukraine, Reuters reported at noon today. “We’re banning all imports of Russian oil and gas energy. That means Russian oil will no longer be acceptable in U.S. ports, and the American people will deal another powerful blow to Russian President Putin’s war machine,” Biden announced.
Biden announced that sanctions imposed by the U.S. and its allies had already caused the Russian economy to crater. Russia exports between four and five million barrels of crude oil/day and about 8,500 billion cubic feet of natural gas annually, including about 8% of U.S. liquid fuel imports, according to the Energy Information Administration The ban is expected to send gas prices and inflation soaring. Reuters reports U.S. gasoline pump prices at a record-high average of $4.065/gallon.
