Energy costs and gas prices had already been surging throughout 2021 thanks to President Joe Biden’s policies limiting and restricting domestic oil and gas production, and those already high prices soared even higher in recent weeks following Russian President Vladimir Putin’s invasion of Ukraine.
Now President Biden has made a move that will likely send gas prices and energy costs skyrocketing even further, as he just completely banned the import of all crude oil and refined petroleum products from Russia, CNBC reported.
The news outlet noted that the average price per barrel for oil had jumped to around $130 over the weekend in anticipation of this move, and the national average price of gasoline shot up Tuesday immediately after Biden’s announcement to an all-time high of $4.17 per gallon, adjusted for inflation.
Biden acknowledges ban on Russian energy will raise costs for Americans
“Today I’m announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy,” President Biden said in a speech Tuesday morning. “That means Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another powerful blow to Putin’s war machine.”
“This is a step that we’re taking to inflict further pain on Putin. But there will be costs as well here in the United States,” he later acknowledged. “And when I first spoke to this, I said defending freedom is going to cost — it’s going to cost us as well, in the United States.”
Biden proceeded to recount all of the other crippling financial sanctions he and European allies have already imposed on Russia before going on to directly blame Putin for any additional increases in energy costs and gas prices.
“The decision today is not without cost here at home. Putin’s war is already hurting American families at the gas pump,” the president said. “Since Putin began his military buildup on Ukrainian borders, just since then, the price of the gas at the pump in America went up 75 cents. And with this action, it’s going to go up further.”
Of course, Biden then fraudulently claimed that he would “do everything I can to minimize Putin’s price hike here at home,” and also took a moment to issue a stark warning to American oil and gas companies that essentially accused them of working to “exploit” the situation to unfairly jack prices up and engage in war-time “profiteering.”
Biden’s executive order banning Russian oil and gas
According to a White House “fact sheet,” President Biden’s executive order Tuesday would ban the importation into the U.S. of all “crude oil and certain petroleum products, liquefied natural gas, and coal” from Russia.
It would also ban any direct investment of U.S. money into the Russian energy sector as well as any U.S. financing for any foreign companies investing in Russia’s oil and gas production.
Biden blameless, Putin responsible, Psaki claims
The decision by Biden’s administration to move forward with this costly move appears to have been made within the past 24 hours or so, as Fox News had reported Monday that, according to an unnamed senior administration official, while the ban was certainly being considered, “no decision has been made at this time.”
Meanwhile, in a press gaggle aboard Air Force One Tuesday afternoon, White House press secretary Jen Psaki reiterated to reporters all of the narratives and talking points laid out by Biden in his earlier speech, particularly the ludicrous claims that Putin was solely responsible for the surging gas prices and that the administration’s policies had had no negative effect whatsoever on energy costs or the production of oil and gas domestically.