President Joe Biden announced the US will be the only country to ban Russian oil as the attacks in Ukraine continue..The ban is on Russian oil, liquefied natural gas and coal..“We made this decision in close consultation with our allies and our partners around the world,” said Biden Tuesday..“Moving forwards with this ban, understanding that many of our European allies and partners may not be in a position to join us..“The United States produces far more oil domestically than all the European countries combined,” said Biden..“We’re working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well.”.The US imports less than 5% of its oil from Russia, according to the Department of Energy..Russian gas accounts for about 40% of the EU’s natural gas imports, according to the BBC..Russia produces about 12% of the world’s oil and 17% of its natural gas, according to J.P. Morgan estimates..No European countries made announcements to ban Russian energy imports, as those in the EU are far more reliant on Russian oil..A reduction in oil supply is sure to increase prices further, especially when Russia is a close third in top oil producers..Across the world, oil and gas are hitting record highs..West Texas Intermediate Crude hit $128 USD Tuesday morning.. Screen-Shot-2022-03-08-at-9.12.10-AMCourtesy of Bloomberg data 2020 .Oleg Ustenko, Economic adviser to Ukraine’s president, made statements over the weekend asking the world to stop importing Russia’s “blood oil.”.Ustenko said Russian oil funds close to $1 billion a day to Moscow, money that’s helping finance the war in Ukraine..Ewa Sudyk is a reporter with the Western Standard.,.esudyk@westernstandardonline.com
President Joe Biden announced the US will be the only country to ban Russian oil as the attacks in Ukraine continue..The ban is on Russian oil, liquefied natural gas and coal..“We made this decision in close consultation with our allies and our partners around the world,” said Biden Tuesday..“Moving forwards with this ban, understanding that many of our European allies and partners may not be in a position to join us..“The United States produces far more oil domestically than all the European countries combined,” said Biden..“We’re working closely with Europe and our partners to develop a long-term strategy to reduce their dependence on Russian energy as well.”.The US imports less than 5% of its oil from Russia, according to the Department of Energy..Russian gas accounts for about 40% of the EU’s natural gas imports, according to the BBC..Russia produces about 12% of the world’s oil and 17% of its natural gas, according to J.P. Morgan estimates..No European countries made announcements to ban Russian energy imports, as those in the EU are far more reliant on Russian oil..A reduction in oil supply is sure to increase prices further, especially when Russia is a close third in top oil producers..Across the world, oil and gas are hitting record highs..West Texas Intermediate Crude hit $128 USD Tuesday morning.. Screen-Shot-2022-03-08-at-9.12.10-AMCourtesy of Bloomberg data 2020 .Oleg Ustenko, Economic adviser to Ukraine’s president, made statements over the weekend asking the world to stop importing Russia’s “blood oil.”.Ustenko said Russian oil funds close to $1 billion a day to Moscow, money that’s helping finance the war in Ukraine..Ewa Sudyk is a reporter with the Western Standard.,.esudyk@westernstandardonline.com