President Joe Biden of the United States will announce a ban on Russian oil and gas on Tuesday.
Gatekeepers News reports that this is coming after relentless pressure from Republican and Democratic lawmakers in a move that could send gas prices even higher.
The calls to announce the ban have been mounted on Biden since late last month when Russia’s leader Vladimir Putin ordered the invasion of Ukraine.
According to Bloomberg, European allies who rely far more on the Kremlin’s energy exports, are reportedly not joining the ban but were consulted by US officials.
Biden is expected to address the nation on measures “to continue to hold Russia accountable” at 10:45 a.m. Eastern Time at the White House.
It follows threats by Putin to shut down Russia’s gas pipeline to Europe in response to a boycott on his country’s energy exports which could push the price of crude oil to a staggering $300 a barrel.
On Monday, Gatekeepers News reported that the global oil price has hit its highest in 14 years, reaching $140 per barrel.
Nevertheless, America relies far less on Russian energy imports than Europe does.
According to the U.S. Energy Information Administration, only about 7 percent of American liquid fuel imports were from Russia in 2020.
However, the US dependence on Russian crude oil and petroleum products significantly increased during Biden’s first year in office as imports of Moscow’s crude oil alone surged 162 percent.
Meanwhile, in 2020, the US imported 28 million barrels of Russian crude oil. The number is currently up to 73 million barrels.
Despite this, the Energy Information Agency’s data show it still only accounts for about 3.5 percent of total US crude imports last year.
In contrast to this, 60 percent of Russia’s oil exports go to Europe, accounting for about a third of the continent’s oil demand as Russia is the third-largest exporter of crude oil and petroleum products to the US.
The call for a nationwide ban on Russian energy imports has gained traction since accounts and images of Putin’s act in Ukraine explode around the world.
In a Sunday letter, House Speaker Nancy Pelosi said her chamber was looking at legislation to ban Russian oil imports. Congress is also set to pass a $10 billion aid package for Ukraine this week.
