US president Joe Biden on Wednesday went after Russia’s economic lifeline by banning Russian energy imports. The UK also joined in and said that it would phase out imports of Russian oil by the end of the year. The European Union, however, slash gas imports by two-thirds from Russia. Unlike the US, its EU allies are dependent on Russian energy imports.
The price of oil in the US is an average of $4.17 per gallon after it registered a 72% rise in just over one month and it is also the highest price Americans have paid at the pump since the global economic downturn of 2008, according to a report by news agency AFP. Russia accounts for 8% of US imports of oil and petroleum products and imported $17.5 billion in crude, fuel oil and petroleum products from Russia, the report said.
A poll conducted by Quinnipiac ahead of the Biden administration’s announcement found that 71% of Americans support a ban on Russian oil even if it meant higher gas prices.
Republican lawmaker Ted Cruz highlighted that it was necessary to ensure that Europe also stops depending on Russian energy imports. “The next step needs to be to work to get Europe to do the same thing, to wean themselves from Russian oil and gas. And the way to do that is to have alternative sources, and the obvious alternative source is the United States,” Cruz said.
“Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine. Ukraine will never be a victory for Putin,” Biden said following his announcement to ban Russian oil.
The undersecretary of state for political affairs Victoria Nuland told the US lawmakers that the Russian gas pipeline Nord Stream 2 is ‘dead’. “I think Nord Stream 2 is now dead. It is a hunk of metal at the bottom of the sea, I don’t think it will ever be revived. We’re also working with our allies and partners to limit the disruption of global energy supplies and to prevent Russia from weaponizing its global energy exports, while also accelerating diversification of energy supplies,” Nuland was quoted as saying by news agency AFP.
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