US President Joe Biden signed an executive order at the White House on the 8th, announcing that the United States banned the import of Russian oil, liquefied natural gas and coal due to Ukraine.
The executive order also stipulates that American individuals and entities are prohibited from making new investments in Russia’s energy industry, and American citizens are prohibited from providing financing or guarantee for foreign companies investing in energy production in Russia.
Biden made a speech on the ban on the same day. On the one hand, Biden stressed the unity of the US and Europe on Russia. On the other hand, Biden also hinted at Europe’s dependence on Russian energy. He said that the US side made this decision after close consultation with its allies. “When promoting this ban, we know that many European allies may not be able to join us”.
Biden also admitted that while the United States takes the sanctions ban to put pressure on Russia, it will also pay a price for it.
On the day Biden announced the oil ban on Russia, the average gasoline price in the United States set a new record since July 2008, rising to $4.173 per gallon. The figure is up 55 cents from a week ago, according to the American Automobile Association.
In addition, according to the data of the U.S. energy information administration, in 2021, the United States imported about 245 million barrels of crude oil and petroleum products from Russia, a year-on-year increase of 24%.
The White House said in a statement on the 8th that in order to curb the rise in oil prices, the US government has promised to release 90 million barrels of strategic oil reserves in this fiscal year. At the same time, it will increase domestic oil and gas production in the United States, which is expected to hit a new high next year.
In response to the rising pressure of domestic oil prices, the Biden government released 50 million barrels of strategic oil reserves in November last year and 30 million barrels in March this year. The US Department of energy data showed that as of March 4, the US strategic oil reserve had fallen to 577.5 million barrels.