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#GeoHeadlines 04 AM | 8th March 2022 | #GEONEWS

U.S. Weighs Russian Oil Ban as Gas Prices Surge and Ukraine War Grows
Global stocks dipped on Monday as U.S. officials discussed an oil cutoff, and gas prices hit a national average above $4, up more than 10 percent in a week.
WASHINGTON — President Biden came under pressure on Monday to ban Russian oil imports into the United States, forcing the administration to consider action that could further punish President Vladimir V. Putin of Russia but exacerbate high gas prices that are hurting consumers at home.

On Monday, a bipartisan group of American lawmakers agreed to move ahead with legislation that would ban Russian energy imports in the United States and suspend normal trade relations with Russia and Belarus. Some European countries, which are highly dependent on Russian energy, have expressed a willingness to reduce their reliance on those imports.

Jen Psaki, the White House press secretary, said that “no decision has been made at this point by the president about a ban on importing oil from Russia,” adding that discussions were “ongoing internally” and with European allies.

“I would note what the president is most focused on is ensuring we are continuing to take steps to deliver punishing economic consequences while taking all actions necessary to limit the impact of prices at the gas pump,” she said.

Global stocks slid on Monday amid worries of an oil ban and escalating Russian attacks on Ukraine. It was Wall Street’s worst day in more than a year.

The S&P 500 fell 3 percent, its sharpest daily decline since October 2020. The Nasdaq composite dropped 3.6 percent and is now 20 percent off its November record, entering territory known on Wall Street as a bear market, denoting a serious downturn.

The Biden administration, along with its global allies, has already imposed sweeping financial, trade and technology sanctions on Russia, but Western countries have deliberately carved out its energy sector, with top U.S. officials saying it would be unwise to disrupt global supplies given how heavily Europe relies on Russian oil and gas. Some officials also view the move as potentially enriching Mr. Putin by driving up gas prices. The average price in the United States reached a national average of $4.07 per gallon on Monday, up more than 10 percent from a week ago.

At his State of the Union speech last week, Mr. Biden talked about the economy’s strength but noted that high gas prices, along with rapid inflation, are hurting consumers. Those dynamics pose a political problem for the president, whose approval rating has suffered amid voter concerns about his handling of the economy.

Mr. Biden spoke with the leaders of Britain, France and Germany by video on Monday, and the four “affirmed their determination to continue raising the costs on Russia for its unprovoked and unjustified invasion of Ukraine,” according to a White House statement.

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But that cross-border cooperation could stop with oil. Chancellor Olaf Scholz of Germany said his country could not simply turn off the spigot.

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

Biden administration officials say the immediate discussions over Russian energy are focused on banning domestic oil imports rather than carrying out wider sanctions that would cut off purchases by other countries. That could lessen the economic shock to oil markets given the United States does not import much Russian crude.

Last fall, it imported about 700,000 barrels per day from Russia, less than 10 percent of its total oil imports, U.S. officials said. By contrast, Europe imported 4.5 million barrels per day from Russia, about one-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 said.
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