Biden Bans Russian Oil Imports; Gas Prices Expected to Rise

On Tuesday, President Biden announced that the U.S. would be placing a ban on the importation of all Russian oil and gas. The President’s said in his address that this move is focused on weakening Russia’s economy while they are engaged in the invasion of Ukraine.

  • Replacing Russian oil: the Biden Administration has come under heavy scrutiny for turning to Iran and Venezuela to tap new oil reserves. Rep. Rick Crawford (R-Ak): “The commonsense decision by the Biden Administration to ban imports of Russian oil is undermined by their flirting with instead seeking imports from pariah nations like Iran and Venezuela”
  • Gas prices sore: to more than $4 per gallon nation-wide, marking the highest price of gas since 2008. The Biden Administration is already working to establish the narrative that gas prices are on the rise due to the Russia-Ukraine conflict, with Biden repeatedly blaming Putin for the current cost of gas during his press appearance on Tuesday. Biden: “Putin’s war is already hurting American families at the gas pump. Since Putin began his military build-up at the Ukrainian border, the price of gas in America went up 75 cents, and with this action is going to go up further.
  • 4 in 5 Americans support ban: according to a Reuters/ Ipsos opinion poll. The polls illustrates the support the American people have for supporting Ukraine by hindering the Russian economy.
  • Domestic energy production: many congressional Republicans are calling for the increase in American oil production, stating that the U.S. should not be reliant upon foreign oil. This narrative is setting up to be a major theme for Republicans heading into the 2022 midterm elections.

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