U.S. will have no trouble managing without Russian oil, says Rober Yawger, Energy Futures Strategist at Mizuho as United States banned Russian energy imports
"We're banning all imports of Russian oil and gas energy," Biden told reporters at the White House. "That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to Putin's war machine."
Oil prices jumped on the news, with Benchmark Brent crude LCOc1 for May climbing by 5.4% to $129.91 a barrel by 1345 GMT.Retail gasoline prices in the United States surged to an all-time record on Tuesday, with the average cost of a retail gallon of gasoline hitting $4.173 early Tuesday, according to the American Automobile Association.
Biden has been working with allies in Europe, who are far more dependent on Russian oil, to isolate Russia's energy-heavy economy and Putin. Britain announced shortly before Biden's remarks that it would phase out the import of Russian oil and oil products by the end of 2022.The United States consulted closely with allies on the ban, but did not ask them to join in, and did not expect that they would, the official said.
Biden predicted prices would rise further as a result of "Putin's war," but pledged to do all he could to ease the pain for the American people. He also warned U.S. companies against profiteering or otherwise exploiting the situation. U.S. presidents are particularly vulnerable to criticism over high gasoline prices because of the country's reliance on gas-guzzing vehicles and lack of public transporation.Republican National Committee Chair Ronna McDaniel was among the Republicans on Tuesday to blame Biden's policies for high gas prices, even though many supported banning Russian oil imports.
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