U.S. to cut Russian oil imports

WASHINGTON—The U.S. is cutting off its supply of Russian oil and gas.

In a statement March 8, President Biden said he would ban the imports of Russian energy.

“That means that Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another powerful blow to Putin’s war machine,” Biden said in a late morning press conference from the White House. “This is a move that has strong bipartisan support in Congress, and I believe, in the country. Americans have rallied to support the Ukrainian people and made it clear that we will not be part of subsidizing Putin’s war.”

Biden noted the decision to cut Russian energy imports was made in consultation with allies and partners across the globe, and especially in Europe. 

“Because a united response to Putin’s aggression has been my overriding focus, to keep all NATO and all of the EU and our allies totally united," Biden said.

Initially, Biden was hesitant to take the step, citing concerns about inflationary and other economic repercussions. Gas and oil prices already had soared to record high levels. However, continued political pressure on Biden to ban Russian oil imports appeared to be pushing him toward that decision, Reuters reported earlier. Ultimately, Biden said March 8, it was the right move to make.

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The U.S., though the largest oil producer, also is the world's largest consumer and relies heavily on imports to feed that demand. The Associated Press reports that "the U.S. imported 245 million barrels of oil from Russia last year—about 8 percent of all U.S. oil imports—up from 198 million barrels in 2020. That's less than the U.S. gets from Canada or Mexico but more than it imported last year from Saudi Arabia."

Europe, Biden said, is not yet in a position to embargo Russian energy.

“We are moving forward with this ban understanding that many of our European allies and partners may not be in a position to join us," Biden said. "The United States produces far more oil domestically than all of our European countries combined. In fact, we are a net exporter of energy. So we can take this step when others cannot. But we are working with Europe and our partners to develop a long-term strategy to reduce their dependency on Russian energy as well.”

In the minutes after the tweet, West Texas Intermediate pricing was around $127 per barrel. Brent crude oil has surged to $132 per barrel.

Any cutbacks in the imports of Russian fuels hit hard for any nation, considering that Russia is the third-largest producer of oil and liquid fuels—behind the U.S. and Saudi Arabia—according to the U.S. Energy Information Administration.