America Is an Energy Exporter Again

Today, President Biden will sign an Executive Order (E.O.) to ban the import of Russian oil, liquefied natural gas, and coal to the United States – a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to keep his needless war of choice.

The United states fabricated this decision in close consultation with our Allies and partners effectually the world, likewise every bit Members of Congress of both parties. The United States is able to have this step because of our strong domestic energy infrastructure and we recognize that not all of our Allies and partners are currently in a position to bring together the states. But we are united with our Allies and partners in working together to reduce our commonage dependence on Russian free energy and keep the pressure mounting on Putin, while at the same taking agile steps to limit impacts on global energy markets and protect our own economies.

This announcement builds on unprecedented economic costs the United states and our Allies and partners have imposed on Russia. As a upshot of our historic, multilateral coordination, Russian federation has become a global economic and fiscal pariah. Over 30 countries representing well over half the world's economy take announced sanctions that impose immediate and severe economic costs on Russia, cutting off access to high-tech technology, sap its growth potential, and weaken its military for years to come. The Russian ruble is now worth less than a penny and has hit an all-time depression later on losing nearly one-half of its value since Putin announced his further invasion of Ukraine. By isolating Russia'due south Cardinal Bank and cutting off the largest Russian banks from the international financial system, we have disarmed his war chest of strange reserves and left Putin to soften the blow of our sanctions. U.Southward. and allied consign controls are impacting industrial product in Russia, Russian commercial aviation, and other key sectors of the Russian economy. The United States and governments all over the earth are going after Putin'southward cronies and their families by identifying and freezing the assets they hold in our respective jurisdictions – their yachts, luxury apartments, money, and other ill-gotten gains.

Today's Executive Order bans:

• The importation into the United states of america of Russian crude oil and certain petroleum products, liquefied natural gas, and coal. Last year, the U.S. imported nearly 700,000 barrels per 24-hour interval of crude oil and refined petroleum products from Russian federation and this footstep will deprive Russian federation of billions of dollars in revenues from U.S. drivers and consumers annually.
  
• New U.S. investment in Russia'due south energy sector, which will ensure that American companies and American investors are not underwriting Vladimir Putin's efforts to expand energy production inside Russia.
  
• Americans will besides be prohibited from financing or enabling foreign companies that are making investment to produce free energy in Russia.

Putin'due south brutal state of war has led to higher free energy prices and raised costs for Americans at home. Today, President Biden made clear that he volition keep working to mitigate the pain American families feel at the pump and reduce our dependence on foreign oil and fossil fuels:

• The Assistants has already committed to releasing more 90 million barrels from the Strategic Petroleum Reserve this fiscal year, with an emergency sale of 30 million barrels announced just last calendar week. Subsequently intensive around-the-clock coordination and consultation by President Biden, the International Energy Agency (IEA) Fellow member countries agreed to a commonage release of an initial lx million barrels of crude oil from our strategic petroleum reserves, with the Us committing one-half of that in the emergency auction. Nosotros are in conversations with a range of energy producers and consumers on further steps we can have to ensure a stable global supply of energy.
  
• U.S. oil and gas product is approaching record highs, while thousands of drilling permits on federal lands become unused. Federal policies are not limiting the production of oil and gas.  To the opposite, the Biden Administration has been articulate that in the short-term, supply must keep up with demand, at habitation and effectually the world while we make the shift to a secure clean energy future.  We are one of the world's largest producers with a potent domestic oil and gas industry. Natural gas production has never been higher, and rough oil production is expected to hit a new high next year. Oil and gas companies, and the finance firms that dorsum them, should not use Putin'southward war as an excuse for excess price increases or padding profits, and, as major free energy visitor leaders have themselves said, they have the resources and incentives they need to further increase product in the U.s..

• In the long run, the way to avoid loftier gas prices is to speed up – not irksome downwards – our transition to a clean energy time to come.  We cannot drill our way out of dependence on a global commodity controlled in function past foreign nations and their leaders, including Putin. The only style to eliminate Putin's and every other producing land's ability to utilize oil equally an economical weapon, is to reduce our dependency on oil.  So, even as President Biden does everything in his power in the short term to make certain we tin can readily access the oil and gas necessary to protect American consumers and allied countries– including through greater U.Southward. domestic product that is expected to hit record highs next year – this crisis reinforces our resolve to make America truly energy independent, which ways reducing our dependence on fossil fuels. This is a shared goal with our European allies, that we will work together to achieve.

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Source: https://www.whitehouse.gov/briefing-room/statements-releases/2022/03/08/fact-sheet-united-states-bans-imports-of-russian-oil-liquefied-natural-gas-and-coal/

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