2022-03-08 17:55:08

USA Will Ban Russian Oil, Gas Prices Explode

The United States announced today it will ban the importation of Russian oil, and the European Union proclaimed it will reduce its Russian gas imports by two-thirds. This is the latest attempt by western powers to hold Vladimir Putin and the Kremlin accountable for their invasion of Ukraine. On top of this, Shell has announced that the company will no longer buy Russian oil or gas. The US currently imports only around 8% of its petroleum from Russia, however, it will certainly be enough to further spike the price of energy consumption.

The national average for a gallon of gasoline is already over four dollars now and it’s reasonable to expect the worst is yet to come. Many conservatives are viewing this as an opportunity not to blame Vladimir Putin, but to blame Joe Biden. The truth is that US presidents have very little control over the price of oil and gas. They can soften the blow by releasing more from the strategic petroleum reserve. However, these are global commodities that the American president is never directly connected to, and the right-wing critiques of Biden over this really don’t make any sense.

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#davidpakmanshow American president European Union Joe Biden Kremlin Russia Russian oil strategic petroleum reserve The David Pakman Show Ukraine United States Vladimir Putin

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