Malinowski: Of course we should stop buying Russian oil. [View all]

[Nevilledog]

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https://threadreaderapp.com/thread/1499897265925890052.html


Of course we should stop buying Russian oil.

But please stop pretending this is a silver bullet, or that we could somehow "replace" all the Russian oil by drilling in America.

Please follow along for a few facts . . . 1/

Last year, the US bought $17 billion worth of oil from Russia. That's not a huge number, and many US refiners are already ending their purchases anyway.

In comparison, Biden's sanctions cost Russian energy companies over $190 billion just this week.
2/

Russian Oil & Gas Giants Lose 95% of Their Market Cap On London Exchange | OilPrice.com
The Russian oil and gas giants listed on the London Stock Exchange have seen their shares crashing after Putin invaded Ukraine last week
https://oilprice.com/Energy/Energy-General/Russian-Oil-Gas-Giants-Lose-95-of-Their-Market-Cap-On-London-Exchange.html

If we really wanted to deny Putin oil revenue, we'd try to stop all his oil and gas exports, not just the puny ones to the U.S.

But Russia is the world's #2 oil exporter -- second only to Saudi Arabia. Taking all that oil off the market overnight would explode gas prices. 3/

Republicans have been arguing that we could make up for losing Russian energy by stopping "Biden's war on oil" at home.

Huh?

In fact, there are 248 more active oil and gas rigs in the US today than when Biden took office, a 62% increase. 4/

Rig Count Overview & Summary Count | Baker Hughes Rig Count
The Investor Relations website contains information about Baker Hughes Rig Count's business for stockholders, potential investors, and financial analysts.
https://rigcount.bakerhughes.com/
Meanwhile, Biden is approving oil and gas drilling permits on public lands at a faster rate than Trump, and has been criticized for it by environmental groups. 5/

washingtonpost.com/politics/2021/…
If on top of all that, you also want to drill in the Arctic National Wildlife Refuge, know that it wouldn't produce oil till 2031. The Keystone Pipeline also would take years to come online.

These projects would have no impact on gas prices today. 6/

https://www.eia.gov/outlooks/aeo/anwr.php
If you want to shield American gas consumers from the impact of Russia's war, your problem is not Biden; it's Saudi Crown Prince MBS. This supposed US ally could produce more oil today but refuses, to protect a production agreement he made with Putin! 7/

Saudi Arabia Chooses Putin over Biden on Ukraine to Keep Oil Prices High
https://www.wilsoncenter.org/article/saudi-arabia-chooses-putin-over-biden-ukraine-keep-oil-prices-high
Back to politics: many Republicans privately admit we can't "replace" all the Russian oil, but they want Biden to ban it all anyway, and then criticize him for the inevitable increase in gas prices.

We can't afford that kind of cynical partisanship right now. 8/

Democrats and Republicans need to lock arms and say: "As we sanction Russian oil, we must increase oil & gas production in the short run (including by pressuring the Saudis). But there will still be sacrifice at home, and we agree freedom and security are worth the price." 9/

And let's agree that so long as we are dependent on oil, every country that influences its price can blackmail us.

Let's become the world's clean energy superpower, and tell Putin, MBS, and the leader of every other "gas station masquerading as a country" to go to hell. End/