Biden officials weigh Russian oil ban as gas prices soar

But this cross-border cooperation could stop with oil. German Chancellor Olaf Scholz has said his country cannot simply turn off the tap...

But this cross-border cooperation could stop with oil. German Chancellor Olaf Scholz has said his country cannot simply turn off the tap.

“Europe has deliberately exempted Russia’s energy supplies from sanctions,” he said in a statement on Monday. “At the moment, Europe’s energy supply for heat generation, mobility, power supply and industry cannot be secured in any other way.”

Biden administration officials say immediate Russian energy talks are focused on banning domestic oil imports rather than enforcing broader sanctions that would prevent purchases from other countries. This could lessen the economic blow to oil markets given that the United States does not import much Russian crude.

Last fall, it imported about 700,000 barrels a day from Russia, less than 10% of its total oil imports, US officials said. By contrast, Europe imported 4.5 million barrels per day from Russia, about a third of its total imports. The United States can easily find a way to make up for any loss of Russian oil, while Europe would have a harder time doing so, analysts say.

But any disruption in the flow of oil could still shake global markets, including oil prices, which have surged on uncertainty surrounding Mr Putin’s invasion of Ukraine. Brent crude, the global benchmark, ended Monday up around 4.3% at $123.21 a barrel, but previously had climbed as high as $139 a barrel. The price of oil has soared around 26% over the past week as the conflict escalated.

In a sign of the administration’s concern over uncertainties surrounding global energy flows, U.S. officials have discussed the possibility of increasing supply or distribution with oil-producing nations, including Saudi Arabia and Venezuelawhich is a partner of Russia and has been subject to extensive US sanctions for years.

Mr. Biden, in a speech more than a week before Mr. Putin’s invasion of Ukraine, said a dispute involving Russia could affect American consumers. “I won’t pretend it will be painless,” he said. noted February 15. “There could be an impact on our energy prices, so we are taking active steps to ease the pressure on our own energy markets and offset rising prices.”

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Newsrust - US Top News: Biden officials weigh Russian oil ban as gas prices soar
Biden officials weigh Russian oil ban as gas prices soar
Newsrust - US Top News
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