Posted on 03/01/2022 4:32:04 PM PST by blam
US lawmakers across the aisle are pressuring President Biden to halt US imports of Russian oil and gas – with Republicans (and moderate Democrat Joe Manchin) pushing for an expansion of domestic production, and Democrats pitching it as a perfect opportunity to accelerate investments into renewable energy.
The former of course could be accomplished by reopening the Keystone pipeline and uncapping closed shale projects, while the latter would require trillions in taxpayer dollars to maybe accomplish within the next decade.
Meanwhile, America purchased over 600,000 barrels per day of Russian crude last year – up 24% from a year prior under the Trump administration, according to the Energy Information Administration.
Last week imports from Russia hit an average of 106,000 bbl/day.
Solutions aside, the move – which follows a push by senior Democrats to expel Russian banks from the SWIFT financial messaging service – would undoubtedly send gasoline prices surging in the US beyond current “I did that” levels, as the highest inflation in four decades evaporates Americans’ disposable income.
Sen. Lindsey Graham (R-SC) has argued that Biden has failed to “hit Putin where it hurts most.”
But, as Bloomberg points out, “as with Biden’s about-face on SWIFT, the pressure campaign from the president’s own party — particularly as Biden prepares for his first State of the Union address Tuesday night — may prove to be most consequential.”
Massachusetts Democrat Ed Markey, who sits on the Senate Foreign Relations Committee, introduced legislation Tuesday that would ban all imports of Russian crude oil and petroleum products into the United States. Meanwhile, West Virginia’s Joe Manchin is leading a push to expand domestic drilling to boost exports to NATO allies.
Manchin, who called the U.S. reliance on Russian energy “ridiculous,” is often an outlier within his own party but he’s not the only Democrat interested in shifting the Biden administration’s policy toward oil and gas. -Bloomberg
Democratic Senator Bob Casey of Pennsylvania said he’s now open to ideas that he wouldn’t have considered before Putin’s invasion – including boosting domestic energy production, while Sen. Jon Tester (D-MT) echoed that sentiment.
“The fact is we’ve got a different problem now, and that is we may have to supply Europe,” said Tester.
#2 Senate Democrat, Dick Durbin, said in an interview that “We’re observing two wars at this time.”
“A red hot war in Ukraine, where the people are showing extraordinary courage to bring back their freedom from this invasion by Putin and a war against climate change, which is going to be as devastating to the world as any hot war on a military basis.”
On Tuesday, a Biden official signaled a willingness to mitigate the potential loss of Russian oil imports.
“We’ve had discussions with OPEC+ about increasing their production. And there’s also ongoing discussions about a coordinated release from the Strategic Petroleum Reserve to produce and allow more barrels of oil to come onto the market,” National Economic Council deputy director Bharat Ramamurti told Bloomberg TV.
Republicans, meanwhile, have been pushing the Biden administration to boost domestic oil and gas production for more than a year, and are now asking for regulatory relief.
According to Sen. Lisa Murkowski (R-AK), “If there’s anything that can change their policy, it might be war.”
Of course – there is another solution pointed out by the NYT‘s Blake Hounshell:
Probably the fastest way to get more oil on the market? Removing Iran sanctions: https://t.co/O18lghy9dI
— Blake Hounshell (@blakehounshell) March 1, 2022
Trump would have destroyed Putin and the Russian economy with a flood of Bakken oil had Putin tried this crap on Trump’s watch.
“Democrats...perfect opportunity to accelerate investments into renewable energy.”
Uneffing believable. It’s the “Green New Deal” wet dream that has brought us to the brink of WW III! And these azzholes want to double down on that disastrous policy. Even the Germans see the handwriting on the wall and have turned their back on “green” energy.
Is this thing a way to go back to Trump energy policies, without of course admitting it or giving Trump credit.
Gas is over five dollars.
Never ever that high before.
BTTT
People continue to not understand, maybe because they do not want to.
In 2019, the US, with no impediments at all and President Trump still in the White House, produced 12.7 million barrels/day.
The US consumed 21 million barrels per day. Yes, “independence” meant we had to buy 8 million bpd during our highest production year.
Production has recovered from Covid suppression of consumption back to 11.7 mbpd. Only 1 mbpd left of capacity.
Consumption is 20.6 mbpd and growing back to 21.
“We may have to supply Europe” IS MATHEMATICALLY ABSURD. WE CAN’T EVEN SUPPLY OURSELVES.
Anything for every other country, nothing for America.
Such deluded minds should never be allowed anywhere near levers of power.
And of course, they’re totally in charge.
I doubt it. I think the Biden cabal wants America destroyed. It was MAGA, so now it’s gone.
I also think that the cabal basically had to pay Putin for this invasion, and this is the way they came up with. The Left has always had a hard-on for Russia and that hasn’t changed.
It took a long time for them to get Putin to invade, didn’t it.
We don’t have the capability to supply Europe.
Sorry that would have not happened
Get ready for $10
That is why these idiots will have us at $10 gas soon.
We warned everybody about Biden. $10/gal gas.
No, we don’t HAVE to.
Screw Europe we can’t even supply ourselves thanks to President Retard 🤪
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.