As gasprices continue to soar since the onset of Russia's invasion of Ukraine, POTUS is expected to announce a ban on the U.S. import of Russian energy including oil, liquefied natural gas and coal.
"Russian oil will no longer be accepted at U.S. ports," the president said in remarks Tuesday at the White House."We will not be part of subsidizing Putin's war."
Though Russia doesn't export much oil to the U.S., the ban is expected to drive up prices that have already"In the short term, you're going to see prices definitely go up," said energy expert Gianna Bern."How much, it remains to be seen, and where and how the void gets filled." Biden's announcement comes as the White House faced mounting pressure in Congress to act on Russian energy. A bipartisan group of lawmakers said Monday it had reached a deal for a legislative path forward to ban the U.S. import of Russian energy products and suspend trade relations with Russian and Belarus over the invasion of Ukraine.
Russia, the world's third-largest producer of oil and second-largest producer of gas, supplies about 30% of Europe's oil and 40% of its natural gas.