Assessment: Oregon Senators Merkley and Widen welcome sanctions and higher gasoline prices because it will “hasten moves toward more renewable energy”. Wyden notes the “urgent need to reduce our reliance on foreign oil and gas imports from countries ruled by tyrants like Vladimir Putin” while ignoring the fact that America was 100% energy sufficient before Biden took office. ⁃ TN Editor
U.S. President Joe Biden is banning Russian oil imports in an effort to ratchet up sanctions after the invasion of Ukraine.
The move aims to hit Russia’s economy and further isolate President Vladimir Putin. But it will also put even more upward pressure on crude oil and domestic gasoline prices.
Third Seal: Scarcity on Earth
When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales in his hand.” Rev. 6:5
“We’re banning all imports of Russian oil and gas and energy,” Biden said at a White House announcement on March 8. “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.”
Later in Texas, Biden acknowledged the energy sanctions will drive up high gas prices. “They’re going to go up,” Biden said when asked about the oil restrictions. “Can’t do much right now, Russia is responsible,” Biden continued when asked what he could do about it.
Crude oil is approaching $130 per barrel. It was in the $60 range a year ago. Gasoline prices in Oregon are averaging $4.59 per gallon — a record high, according to AAA. Fuel prices were just over $3 per gallon a year ago in Oregon.
Biden’s move garnered political support from both sides of the aisle despite its expected inflationary impacts.