Biden Announces Ban On U.S. Imports Of Russian Energy

In an effort to increase pressure on Russia in response to their unprovoked invasion of Ukraine, President Joe Biden on Tuesday announced a U.S. ban on the import of Russian oil, liquefied natural gas, and coal.

“We’re banning all imports of Russian oil and gas and energy,” Biden said from the White House. “That means Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another powerful blow to Putin’s war machine.”

Biden said his administration made the decision in close consultation with U.S. allies and partners but acknowledged most European countries would not be able to join the ban.

“The United States produces far more oil domestically than all of the European countries combined,” Biden said. “In fact, we’re a net exporter of energy. So we can take this step when others cannot.”

He added, “But we’re working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well.”

Earlier in the day, the European Union’s executive arm the European Commission had pledged to reduce Russian gas imports by two-thirds by the end of this year.

The news of the U.S. ban contributed to a continued surge in oil prices, with crude for April delivery spiking $4.30 to $123.70 a barrel.

Gas stations are raising prices along with the spike in oil futures, as AAA said the average price for a gallon of gas has reached a record high of $4.173.

The national average gas price is up by nearly $0.11 a gallon from just yesterday and up more than $0.55 a gallon from a week ago.

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