Joe Biden has decided to ban gas and oil imports from Russia. He wants to “hold Putin accountable.” But it wasn’t exactly his choice, if he doesn’t, his own party will do it for him.
The price per barrel of oil has risen from about $60 per barrel last April to $130 per barrel, and prices at the pump have skyrocketed. You may notice that the price at the pump is currently about double what it was in the middle of the Trump Presidency when the price per barrel was generally $40-$50 per barrel. And it will get worse.
On one hand, it makes sense from a consistency standpoint to cut off gas and oil, indeed all trade with a power that has shown such naked aggression. On the other hand, this President has been largely incompetent during this whole process so the American people are feeling it. It didn’t need to be this way.
Never mind that a strong President would have prevented the war in the Ukraine to begin with. It was Biden’s weakness and timidity that gave Putin the confidence to invade without fear of intervention or interference with his plans.
But Biden’s policies have massively weakened the U.S. in energy production. New drilling licenses have been revoked, the Keystone pipeline canceled, and numerous other measures have sharply curtailed domestic oil production. If Biden had carried on the policies of Trump, if he were approving new drilling, if he had allowed the Keystone pipeline and maintained the other policies from the Trump era, America would be energy independent.
Will Biden reverse his policies? No. He is releasing oil from the national reserve, but this is such a tiny amount compared to the total amount of oil we consume. Actually amounts to about one day of our national consumption.
Nothing in Biden’s speech indicated that he will encourage new oil production. In fact, he took the opportunity to encourage “clean energy.” Over and over again.
Anyone with half a brain sees that the negotiation table is where Putin wants to be. Putin has revealed his strategy.
I believe Biden has already decided that he will give Putin everything he wants, and the sanctions will go away. Biden is anxious for this to go away, and within a couple of months, it will all be a memory. A couple of months is not too long to get back to normal so that Biden can keep his “green” hat on for the duration.
Putin will be appeased.
Biden will be relieved.
Until China attacks Taiwan.
Biden to announce ban on US imports of Russian oil: source