Biden to ban Russian oil imports

[BlueTex]

The noose tightens for Pootin...

President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.

The move follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
Biden was set to announce the move as soon as Tuesday, the person said, speaking on the condition of anonymity to discuss the matter before an announcement. The White House said Biden would speak Tuesday morning to announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”

The U.S. will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. Natural gas from Russia accounts for one-third of Europe’s consumption of the fossil fuel. The U.S. does not import Russian natural gas.

https://www.washingtonpost.com/politics/ap-source-biden-to-ban-russian-oil-imports-over-ukraine-war/2022/03/08/5046d5c6-9ee5-11ec-9438-255709b6cddc_story.html

 

[Lycanthrope]

Standing by for someone to get on and turn this into "BIDEN BAD"

 

[Bok Tuklo]

I hate to be Machiavellian but this gives the Biden Administration an out on gas prices if they rise even further. My personal opinion is that 100K+ a barrel will solve the problem near term as production will increase in the US to take advantage of that price.

 

[BlueTex]

I hate to be Machiavellian but this gives the Biden Administration an out on gas prices if they rise even further. My personal opinion is that 100K+ a barrel will solve the problem near term as production will increase in the US to take advantage of that price.

It's a really smart move politically...

 

[Callen]

Good for him. We have already banned it but to be honest we import so little it was largely symbolic.

 

[Carjosse]

Good for him. We have already banned it but to be honest we import so little it was largely symbolic.

That is literally the point.

 

[ttwtt78640]

Standing by for someone to get on and turn this into "BIDEN BAD"

Not necessarily bad, but certainly leading from behind. The question is what (if anything) Biden plans to do about replacing Russian oil imports.

 

[Bok Tuklo]

Not necessarily bad, but certainly leading from behind. The question is what (if anything) Biden plans to do about replacing Russian oil imports.

Every rig in the Permian Basin will be at capacity soon enough.

 

[ttwtt78640]

Every rig in the Permian Basin will be at capacity soon enough.

What about Alaska and elsewhere in the western states? It might be wise to allow (new) drilling on public lands and to increase our capacity to export LNG.

As many have noted, the US has the capability to become a net exporter of fossil fuel (and related products).

 

[Lycanthrope]

Not necessarily bad, but certainly leading from behind. The question is what (if anything) Biden plans to do about replacing Russian oil imports.

How significant were Russian imports to US totals?

There's another thread (Biden's America) that discusses the issue of oil companies producing more here in the US, and why they are reluctant. The short of of it is, Biden would have to persuade these companies to increase production over the objections of their shareholders, who are demanding profit increases to offset their losses when the pandemic suppressed demand.

 

[BlueTex]

What about Alaska and elsewhere in the western states? It might be wise to allow (new) drilling on public lands and to increase our capacity to export LNG.

As many have noted, the US has the capability to become a net exporter of fossil fuel (and related products).

How does becoming a net exporter of fossil fuel help me when I fill up at the pump?

 

[Cope]

How significant were Russian imports to US totals?

There's another thread (Biden's America) that discusses the issue of oil companies producing more here in the US, and why they are reluctant. The short of of it is, Biden would have to persuade these companies to increase production over the objections of their shareholders, who are demanding profit increases to offset their losses when the pandemic suppressed demand.

I've heard in the neighborhood of 8%. While not insignificant, it isn't insurmountable either. When the price of oil goes up, so does production here in the US.

But what we can't do is hamstring the efforts here to produce while banning that 8%.

 

[Cope]

How does becoming a net exporter of fossil fuel help me when I fill up at the pump?

If we aren't importing oil, then technically we wouldn't be at the whim of oil pricing as a commodity.
Whether that works out in practice is up for grabs.

 

[Lycanthrope]

I've heard in the neighborhood of 8%. While not insignificant, it isn't insurmountable either.

But what we can't do is hamstring the efforts here to produce while banning that 8%.

It's a legitimate argument.

Other than going silent on climate change, what can Biden do to convince reluctant oil companies to incentivize production?

 

[ttwtt78640]

How does becoming a net exporter of fossil fuel help me when I fill up at the pump?

Increasing supply to meet demand will lower the (global) price of oil and natural gas.

 

[Cardinal]

I've heard in the neighborhood of 8%. While not insignificant, it isn't insurmountable either. When the price of oil goes up, so does production here in the US.

But what we can't do is hamstring the efforts here to produce while banning that 8%.

8% is to the world. It’s 1-3% to the United States.

“This represented three percent of US crude oil imports and one percent of the total crude oil processed by US refineries. By contrast, the US imported 61 percent of its crude oil from Canada, 10 percent from Mexico, and six percent from Saudi Arabia in the same year.”

How much oil does the US import from Russia?

While Russian oil makes up a small amount of US imports, sanctions could have serious knock-on effects for the economy.

www.aljazeera.com

 

[BlueTex]

Increasing supply to meet demand will lower the (global) price of oil and natural gas.

Why do we want to be subject to the global price of oil? We banned crude oil exports for 40 years till the GOP convinced Obama in 2015 how wonderful it would be to allow US oil to be on the open market. How is that working out?

 

[Ikari]

Not necessarily bad, but certainly leading from behind. The question is what (if anything) Biden plans to do about replacing Russian oil imports.

That will be the rub, but nothing we do will stop the short term rise unless OPEC is willing to go along with increased production.

 

[ttwtt78640]

It's a legitimate argument.

Other than going silent on climate change, what can Biden do to convince reluctant oil companies to incentivize production?

Probably nothing, as long as profits can be made selling imported oil (and doing subsidized “green” stuff) there is little incentive to make (costly) long term plans to increase US oil or natural gas production.

 

[Rexedgar]

Can anyone back up the Administration position that there are drilling permits approved that have not been acted on?

 

[CaughtInThe]

Man. A LOT has happened in the last two weeks.

 

[ttwtt78640]

Why do we want to be subject to the global price of oil? We banned crude oil exports for 40 years till the GOP convinced Obama in 2015 how wonderful it would be to allow US oil to be on the open market. How is that working out?

It worked out quite well. The US was a net exporter right before the pandemic hit.

 

[BlueTex]

It worked out quite well. The US was a net exporter right before the pandemic hit.

How did being a net exporter help American's? We all can see how it helped OIL COMPANIES...

 

[EMNofSeattle]

The noose tightens for Pootin...

President Joe Biden has decided to ban Russian oil imports, toughening the toll on Russia’s economy in retaliation for its invasion of Ukraine, according to a person familiar with the matter.

The move follows pleas by Ukrainian President Volodmyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady influx of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
Biden was set to announce the move as soon as Tuesday, the person said, speaking on the condition of anonymity to discuss the matter before an announcement. The White House said Biden would speak Tuesday morning to announce “actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”

The U.S. will be acting alone, but in close consultation with European allies, who are more dependent on Russian energy supplies. Natural gas from Russia accounts for one-third of Europe’s consumption of the fossil fuel. The U.S. does not import Russian natural gas.

https://www.washingtonpost.com/politics/ap-source-biden-to-ban-russian-oil-imports-over-ukraine-war/2022/03/08/5046d5c6-9ee5-11ec-9438-255709b6cddc_story.html

When polls showed Biden squandered his state of the Union boost within a week he decided to go ahead and punish poor Americans further with even higher energy prices.

 

[BlueTex]

Can anyone back up the Administration position that there are drilling permits approved that have not been acted on?

Sure...

Applications for Permits to Drill | Bureau of Land Management

www.blm.gov