US Vulnerable to Putin Economic Retaliation Under Biden as Oil Imports Hit Record Levels
One of President Joe Biden’s most nonsensical policies has been his push to curtail domestic oil production, even as oil imports surge.
In light of the threats made by Russian President Vladimir Putin Thursday of “consequences you have never seen” for opposing his invasion of Ukraine, these anti-energy policies should be reversed immediately.
Putin’s threats came ahead of Biden’s announcement that same day of new sanctions against the Kremlin.
One form the Russian leader’s retaliation could take is cutting off oil from his country coming into the U.S.
Beyond economic steps, Biden says NATO will convene a summit tomorrow to bring together leaders of 30 allied nations to map out next steps against Putin.
He emphasizes no U.S. troops on the ground in Ukraine amid Russian invasion. pic.twitter.com/ylabrToEdW
— Jennifer Bendery (@jbendery) February 24, 2022
The amount of oil imported from Russia has increased significantly under Biden.
The Energy Information Administration reported our nation imported a record 26 million barrels from Russia in May 2021, up from just over 20 million in January of that year, former President Donald Trump’s last month in office.
During the previous administration, the amount imported mostly ranged between 11 million and 16 million barrels per month, while it has been over 20 million for much of Biden’s presidency.
Russia currently supplies about 7 percent of America’s crude oil imports.
Under Trump, the U.S. became the top oil producer in the world in 2018 for the first time since 1973.
After America, comes Saudi Arabia, Russia and Canada, according to the EIA.
However, we may not hold the spot over the long term.
In the early days of Biden’s presidency, he signed executive orders under the auspices of addressing climate change that included suspending oil and gas exploration leasing on federal lands and reinstating and Obama-era carbon dioxide emission federal fee to oil drilling operations, which had been lowered significantly under Trump.
Additionally, the Biden administration shut down oil exploration in the Arctic Wildlife Preserve and cancelled the Keystone XL pipeline from Canada.
Thursday, Biden’s team announced it would be delaying decisions on new oil and gas leases and permits on federal lands after a judge ruled officials had no constitutional authority to impose higher climate fees on drilling without congressional approval, CNBC reported.
Why are we purchasing nearly 600,000 barrels of oil a day from Russia when we have the ability to have affordable, reliable, & sustainable energy production in states like OK? American dollars should be spent here at home, not used to line the pockets of Russian oligarchs & Putin
— Rep. Stephanie Bice (@RepBice) February 25, 2022
Biden’s executive actions, taken together, continue to signal to the world oil market that the U.S. will be providing less over time, putting pressure for gas prices to rise.
The price per gallon was in fact nearly $1 per gallon cheaper when Biden took office than it is now.
Biden made these moves even as the U.S. is producing one million barrels less a day than at its peak under Trump.
In November 2019, the U.S. produced nearly 13 million barrels per day, while in November 2021, the amount was 11.7 million, according to EIA.
In other words, if we get back to producing closer to 13 million, the U.S. will have no need of Russian oil.
To borrow a phrase from former President Ronald Reagan, it’s time to reawaken this oil producing giant, and then we can tell Putin to pound sand.