Biden Bans Russia Oil Imports – Says Americans Will Feel More Pain At The Gas Pump

Joe Biden has announced a ban on Russia oil imports and has admitted that this is going to cost Americans even more money on gas.

If he had continued Trump’s energy policies, this would be no big deal.

The way things stand now however, this is really bad news for millions of Americans.

The Associated Press reports:

US strikes harder at Putin, banning all Russian oil imports

Striking harder at Russia’s economy, President Joe Biden on Tuesday ordered a ban on Russian oil imports in retaliation for Vladimir Putin’s onslaught in Ukraine. The major trade action, responding to the pleas of Ukraine’s embattled leader, thrust the U.S. out front as Western nations seek to halt Putin’s invasion.

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Americans will feel pain, too — at the gas pump — Biden acknowledged, declaring, “Defending freedom is going to cost.”

The imports have been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady stream of cash flowing to Russia despite otherwise severe restrictions on its financial sector.

“We will not be part of subsidizing Putin’s war,” Biden said, calling the new action a “powerful blow” against Russia’s ability to fund the ongoing offensive.

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Biden said the U.S. was acting in close consultation with European allies, who are more dependent on Russian energy supplies and who he acknowledged may not be able to join in immediately. The announcement marked the latest Biden attempt at cutting off Russia from much of the global economy and ensuring that the Ukraine invasion is a strategic loss for Putin, even if he manages to seize territory.

There are some parts of the country where gas is already $7 a gallon.

What happens if it goes up over $9 or $10 by the summer?

 

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