Under growing pressure from both parties in Congress, President Biden will announce shortly that the U.S. is banning energy supplies from Russia in reaction to its brutal invasion of Ukraine, now entering its third week. The ban also extends to natural gas and coal imports. The U.S. imports roughly 100,000 barrels of oil per day from Russia, or 10% of its imports. Canada is the largest supplier of foreign oil to the U.S. It's unlikely that Europe will follow the U.S.'s lead in a major way, since it imports far more oil and gas from Russia.
Gasoline prices are at a record national average of $4.17 today, and are expected to climb higher as a result of today's announcement. To adjust for the loss of Russian oil, the U.S. has been in talks with unsavory oil producers like Nicolás Maduro's Venezuela and Crown Prince Mohammed bin "Bone Saw" Salman's Saudi Arabia to increase production. There are also plans underway to increase domestic production, with the incentive of higher prices driving the move.
One impactful way to save money on gas -- and to show support for the brave Ukrainian resistance to Russia -- is for drivers here in the U.S. and elsewhere to reduce discretionary driving, slow down, combine multiple errands into the fewest possible trips, and continue teleworking or carpooling as appropriate. Old fashioned common sense conservation, in other words.
(photo: Russian oil rigs. Gazprom)
