Biden is expected to ban Russian oil imports into the United States.
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Last edited Tue Mar 8, 2022, 11:02 AM - Edit history (1)
Source: New York Times
WASHINGTON — President Biden is expected on Tuesday morning to ban the importation of Russian oil into the United States, a senior administration official said, making the move after pressure from lawmakers in both parties to punish Russia for its invasion of Ukraine. Mr. Biden is scheduled to make the announcement at 10:45 a.m. Tuesday from the White House. In a statement, the administration said Mr. Biden would “announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”
The move would shut off the relatively small flow of oil into the United States, which receives less than 10 percent of its energy resources from Russia. But Republicans and Democrats in Congress had been urging the president to take the step to ensure that President Vladimir V. Putin of Russia was not profiting from American purchases of oil. Officials said Mr. Biden had struggled for days about whether the take the step amid concerns about whether it would accelerate the already rapid rise in the price of gasoline at the pumps — a potent political issue for Americans in a critical election year.
Already, concern about disruptions in the flow of oil around the world has pushed up the price of Brent crude, the global benchmark for oil. On Tuesday morning, Brent crude hit $130 a barrel. It has been as high as $139 a barrel, up 26 percent over the past week. And on Monday, anticipation of a ban on oil by the United States shook financial markets. The S&P 500 fell 3 percent, its sharpest daily decline since October 2020. The Nasdaq composite dropped 3.6 percent and is now 20 percent off its November record.
But the pressure on Mr. Biden to act has been intense. Lawmakers from both parties in Congress began discussing on Monday legislation that would ban Russian oil and suspend normal trade relations with Russia and Belarus. Speaker Nancy Pelosi, Democrat of California, has repeatedly endorsed those actions, telling reporters last week: “I’m all for that. Ban it.” It was not immediately clear when the ban would take effect. The United States and its allies in Europe and elsewhere have already imposed severe sanctions and export restrictions on Russia. The threat of those sanctions was initially designed to try to deter an invasion from happening in the first place.
Read more: https://www.nytimes.com/live/2022/03/08/world/ukraine-russia-war/biden-is-expected-to-ban-russian-oil-imports-into-the-united-states
This was per a WH official.
Original article -
Mr. Biden is scheduled to make the announcement at 10:45 a.m. Tuesday from the White House.
= new reply since forum marked as read
There's an LBN OP right on the front page that says this - https://www.democraticunderground.com/10142884104
Source: CNN
Shell (RDSA) said Tuesday it was breaking completely with Russia's giant energy industry, halting all purchases of Russian crude oil immediately and shutting its service stations in the country.
The UK-based company, which last week announced it was dumping its investments in Russia, said its decision to abandon all trade in Russian fossils fuels was "aligned with new government guidance."
Russia's vast energy exports have so far been carved out of the unprecedented sanctions imposed by the West in response to President Vladimir Putin's decision to order his troops to invade Ukraine.
Read more: https://www.cnn.com/2022/03/08/energy/shell-russia-oil-ban/index.html
They don't care whose oil they get as long as the price/bbl is right, so they can just dump Russia's and use someone else's. I am sure that Nigeria (or perhaps even Venezuela) might be chomping at the bits maybe...
