Biden will declare a ban against Russian energy Tuesday. Russia has warned that Russian oil could exceed $300 per barrel, if Russia is not allowed to access the global oil market.
As of this writing, oil is about $130 per barrel – and the resulting gas prices are reaching record levels. Gas prices average at $4.17 nationally.
Biden first resisted bipartisan demands to ban Russian oil imports. It claimed that it would lead to an increase in already high-priced gas.
The White House announced that before Noon, the President would “announce actions to continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine.”
Multiple sources tell CBS News that he will “announce a U.S. ban on Russian oil imports over the country’s invasion of Ukraine.”
Sources say that Russia’s natural gas and coal imports will be affected by the ban.
BREAKING: President Biden is set to announce a U.S. ban on Russian oil imports over the country’s invasion of Ukraine. https://t.co/ui5KfeURJ6
— CBS News (@CBSNews) March 8, 2022
RELATED: Elon Musk, CEO of the Electric Car, urges Biden to Increase Oil And Gas Production
Russia is ready for $300 oil
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Biden’s impending announcement comes despite his initial concerns that such a move would cause already-soaring gas prices to rise even higher.
“We don’t have a strategic interest in reducing the global supply of energy and that would raise prices at the gas pump for the American people around the world because it would reduce the supply available,” White House press secretary Jen Psaki said last week.
Russian oil was also banned Monday after Alexander Novak (Russian Deputy Prime Minister) warned that prices could reach $300 per barrel.
“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Novak warned.
“The surge in prices would be unpredictable. It would be $300 per barrel if not more,” he added.
The US’s discussion about a Russian oil import ban has caused the prices of oil to soar 14 years ago. Moscow has threatened to stop Europe’s gas supplies.
The crude oil price was $139 per barrel Monday. Russia claims it could rise to $300. @PriyankaSh25It speaks for @RosieBirchardMore pic.twitter.com/A5YH0BirdT
— WION (@WIONews) March 8, 2022
A barrel of oil costs $300, which is more than double the current rate.
After the Russian invasion in Ukraine, Brent Crude and West Texas Intermediate have seen their prices rise by more than 35%. They now cost $124.90 and $129.42 a barrel respectively.
— Rusty Weiss 🇺🇸 (@rustyweiss74) March 8, 2022
RELATED: Journalist Scolds Americans: Support Ukraine And ‘Stop Whining’ About Higher Gas Prices
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American citizens are suffering from a new level of financial and fiscal problems due to rising gas prices.
Average gas prices in 28 US states are above $4/gallon. Biden has set new records in 19 states, Washington, D.C., and this list continues to grow.
The gas prices have risen
Last note: The ex-President sent out this morning a humorous statement regarding the gas crises.
“BREAKING NEWS: HIGHEST GAS PRICES IN HISTORY! DO YOU MISS ME YET?” the brief statement read.
Donald J. Trump is President
“BREAKING NEWS: HIGHEST GAS PRICES IN HISTORY! DO YOU MISS ME YET?” pic.twitter.com/lXvepwMHyg
— Liz Harrington (@realLizUSA) March 8, 2022
Republicans think that high gas prices will amplify the red wave ahead of the midterm elections.
“I once read that the party in power always loses when gas prices are above a certain threshold. They are currently above that threshold,” says Senator Bill Cassidy (R-LA).
There are many more.
“One year of Democrat rule has destroyed American energy independence and driven up gas prices on every family,” House Republican Conference Chair Elise Stefanik (R-NY) added.
It is a good moral position against Russian President Vladimir Putin and his invasion in Ukraine. However, it’s not a ban on oil imports. To counter rising oil prices, the President must have a plan for promoting energy production in America.
That’s it. @POTUS has finally consented to halting Russian oil imports, he must follow through with the logical second step and open the tap on America’s clean, abundant energy resources.https://t.co/bxxjf5Il12
— Mike Lee (@SenMikeLee) March 8, 2022
Without that, without a goal for energy independence, there’s only more pain for the American people.