US to ban Russian oil imports - March 8, 2022

[sharon sanders]

The price of gas was already increasing....

HIGH CRUDE PRICES KEEP NATIONAL AVERAGE ELEVATED DESPITE DROP IN GAS DEMAND - January 13, 2022 link


Biden bans Russian oil, warns of ‘Putin price hike’ at pump


By ZEKE MILLER, MIKE BALSAMO and JOSH BOAK38 minutes ago

WASHINGTON (AP) — President Joe Biden announced Tuesday the U.S. will ban all Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, but he acknowledged it will bring costs to Americans, particularly at the gas pump.

more...

https://apnews.com/article/russia-ukraine-war-us-russia-oil-ban-120c0152cf310a5b593f6ae7a2857e62

 

[Mary Wilson]

BRIEFING ROOM

FACT SHEET: United States Bans Imports of Russian Oil, Liquefied Natural Gas, and Coal

MARCH 08, 2022
STATEMENTS AND RELEASES

Today, President Biden will sign an Executive Order (E.O.) to ban the import of Russian oil, liquefied natural gas, and coal to the United States – a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to continue his needless war of choice.

The United States made this decision in close consultation with our Allies and partners around the world, as well as Members of Congress of both parties. The United States is able to take this step because of our strong domestic energy infrastructure and we recognize that not all of our Allies and partners are currently in a position to join us. But we are united with our Allies and partners in working together to reduce our collective dependence on Russian energy and keep the pressure mounting on Putin, while at the same taking active steps to limit impacts on global energy markets and protect our own economies.

This announcement builds on unprecedented economic costs the United States and our Allies and partners have imposed on Russia. As a result of our historic, multilateral coordination, Russia has become a global economic and financial pariah. Over 30 countries representing well over half the world’s economy have announced sanctions that impose immediate and severe economic costs on Russia, cut off access to high-tech technology, sap its growth potential, and weaken its military for years to come. The Russian ruble is now worth less than a penny and has hit an all-time low after losing almost half of its value since Putin announced his further invasion of Ukraine. By isolating Russia’s Central Bank and cutting off the largest Russian banks from the international financial system, we have disarmed his war chest of foreign reserves and left Putin to soften the blow of our sanctions. U.S. and allied export controls are impacting industrial production in Russia, Russian commercial aviation, and other key sectors of the Russian economy. The United States and governments all over the world are going after Putin’s cronies and their families by identifying and freezing the assets they hold in our respective jurisdictions – their yachts, luxury apartments, money, and other ill-gotten gains.

Today’s Executive Order bans:
(read more)

https://www.whitehouse.gov/briefing...f-russian-oil-liquefied-natural-gas-and-coal/

 

[Emily]

It's just bloviating.

https://apnews.com/article/us-russian-oil-ban-what-does-it-mean-731f748450c38fc34353d96aea6897fe

EXPLAINER: What does a US ban on Russian oil accomplish?

By CATHY BUSSEWITZ and MATTHEW DALYMarch 8, 2022 GMT
...

DOES THE U.S. BAN ON RUSSIAN OIL HURT MOSCOW?

The impact on Russia would likely be minimal. The United States imports a small share of Russia’s oil exports and doesn’t buy any of its natural gas...

 

[alert]

Oil is completely fungible. There's no difference in use (and therefore in price) between equivalent quality oil from different countries. There's no economic difference between the US buying Russian oil, on one hand, or China buying the Russian oil and the US buying whatever China was previously buying instead. As long as the US doesn't stop Russia from exporting oil completely, the effect of this restriction is nonexistent.

If the US were to prevent Russia from exporting oil at all, that would immediately cause a major problem for the Russians, but I'm assuming that would require an act of war anyway to accomplish.

 

[sharon sanders]

bump this