Biden Bans Russian Oil

[Ronson]

Get ready for some massive inflation. Not just at the pump, but everything that needs to be trucked.

Times are going to be real tough. Maybe even "Great Depression" type of tough.

https://www.reuters.com/business/bid...es-2022-03-08/

WASHINGTON, March 8 (Reuters) - U.S. President Joe Biden was expected to announce a ban on Russian oil in remarks at 10:45 a.m. (1545 GMT) on Tuesday, sources familiar with the matter said.

The White House said Biden was scheduled to announce more actions on Tuesday morning against Russia over its Feb. 24 invasion of Ukraine, but did not specifically mention oil imports...

[Sparko]

Maybe this might help, but not right away:

U.S. oil industry prepares to boost production

HOUSTON — Executives at some of the world’s biggest oil and gas producers said on Monday they are ramping up their crude production as U.S. gasoline prices surge to $4 a gallon amid expectations that President Joe Biden and Congress would ban imports of Russian petroleum — but the companies warned not to expect new supplies overnight.

Exxon Mobil and Chevron are both boosting oil production at the mammoth Permian Basin field in West Texas and New Mexico, strategies that both oil majors laid out last year but that have taken on new urgency because of the surge in oil prices to their highest level in 14 years.


Exxon has said it expected to increase its production from the Permian by 100,000 barrels per day this year, on top of a sharp ramp up last year to 460,000 barrels per day. “We’re well on our way to that,” CEO Darren Woods told an industry conference in Houston on Monday. Chevron has also said it would increase its production there by 60,000 barrels per day this year.
But even with those sharp increases, keeping a lid on oil and gasoline prices will be difficult if Russia’s 5 million barrels per day of oil exports are taken off the market. The U.S. industry imports only a modest amount of Russian oil and refined products, but trading firms around the world are beginning to shun Russian supplies as governments tighten the financial sanctions on Russia in response to President Vladimir Putin’s invasion of Ukraine.
U.S. oil production had plunged during the early months of the pandemic, driving dozens of oil companies into bankruptcy and forcing others to retrench and shut down new drilling. But since August 2020, it has roared back, adding 2 million barrels per day to reach 11.6 million barrels per day by late February, and forecasters expect that figure to climb by another 1 million barrels by the end of the year.
https://www.politico.com/news/2022/0...ussia-00014778

[CivilDiscourse]

Get ready for some massive inflation. Not just at the pump, but everything that needs to be trucked.

Times are going to be real tough. Maybe even "Great Depression" type of tough.

https://www.reuters.com/business/bid...es-2022-03-08/

WASHINGTON, March 8 (Reuters) - U.S. President Joe Biden was expected to announce a ban on Russian oil in remarks at 10:45 a.m. (1545 GMT) on Tuesday, sources familiar with the matter said.

The White House said Biden was scheduled to announce more actions on Tuesday morning against Russia over its Feb. 24 invasion of Ukraine, but did not specifically mention oil imports...

Russian oil for Biden is a catch-22 situation. Whatever his decision, he is/was going to be hammered for it by republicans. On one hand, he's essentially giving money to Russia to continue their war that we oppose. On the other hand, as you've said, it's going to cause raising gas prices.

[Sparko]

Russian oil for Biden is a catch-22 situation. Whatever his decision, he is/was going to be hammered for it by republicans. On one hand, he's essentially giving money to Russia to continue their war that we oppose. On the other hand, as you've said, it's going to cause raising gas prices.

Yeah but now he can blame Russian for inflation instead of his own policies.

[Thoughtful Monk]

I did hear on this morning's news that Shell oil was ending its purchases of Russian oil.

[rogue06]

Russian oil for Biden is a catch-22 situation. Whatever his decision, he is/was going to be hammered for it by republicans. On one hand, he's essentially giving money to Russia to continue their war that we oppose. On the other hand, as you've said, it's going to cause raising gas prices.

Of course if old Joe hadn't crippled domestic production through his policies, sending us from not only being energy independent but the world's largest energy exporter, to having to go hat in hand begging OPEC and Russia to increase production to meet our needs in the space of something like 6 months, we wouldn't be in nearly such a precarious position.

[CivilDiscourse]

Yeah but now he can blame Russian for inflation instead of his own policies.

Oh, but "he's the one who decided to cut the oil off" and "His weakness lead to the war in the first place".

And, besides, when people feel pain in the wallet, the president always gets blamed.

[rogue06]

Yeah but now he can blame Russian for inflation instead of his own policies.

They already were doing that.

[rogue06]

Oh, but "he's the one who decided to cut the oil off" and "His weakness lead to the war in the first place".

And, besides, when people feel pain in the wallet, the president always gets blamed.

Captain of the ship and all that.

But as I noted, this could have been a far less severe blow but for his policies.

[Mountain Man]

Russian oil for Biden is a catch-22 situation. Whatever his decision, he is/was going to be hammered for it by republicans. On one hand, he's essentially giving money to Russia to continue their war that we oppose. On the other hand, as you've said, it's going to cause raising gas prices.

And he deserves to get hammered for it because it's his own idiotic policies that made us dependent on Russian oil in the first place.

[Ronson]

Russian oil for Biden is a catch-22 situation. Whatever his decision, he is/was going to be hammered for it by republicans. On one hand, he's essentially giving money to Russia to continue their war that we oppose. On the other hand, as you've said, it's going to cause raising gas prices.

Shouldn't the US ban actually lower prices in Europe in the short term? I mean, it will mean less purchased, more supply, European demand unchanged.

[rogue06]

Shouldn't the US ban actually lower prices in Europe in the short term? I mean, it will mean less purchased, more supply, European demand unchanged.

If Europe doesn't join the boycott that will be the best news that Putin has heard since the invasion.

[seer]

Get ready for some massive inflation. Not just at the pump, but everything that needs to be trucked.

Times are going to be real tough. Maybe even "Great Depression" type of tough.

https://www.reuters.com/business/bid...es-2022-03-08/

WASHINGTON, March 8 (Reuters) - U.S. President Joe Biden was expected to announce a ban on Russian oil in remarks at 10:45 a.m. (1545 GMT) on Tuesday, sources familiar with the matter said.

The White House said Biden was scheduled to announce more actions on Tuesday morning against Russia over its Feb. 24 invasion of Ukraine, but did not specifically mention oil imports...

My gas station went up 60 cents for regular, in one day, this past Sunday. They were out of regular for the three days before. It will get worse.

[seer]

Yeah but now he can blame Russian for inflation instead of his own policies.

I don't think he can - everyone knows he did all he can to stymie domestic oil production.

[oxmixmudd]

Of course if old Joe hadn't crippled domestic production through his policies, sending us from not only being energy independent but the world's largest energy exporter, to having to go hat in hand begging OPEC and Russia to increase production to meet our needs in the space of something like 6 months, we wouldn't be in nearly such a precarious position.

Each and every thing is an excuse to complain about Biden. You complain when he delays banning russian oil. You complain when he does ban russian oil. The situation with Russia is significant - and don't you think it is about time to start thinking about what is best for the US and the world in light of that reality rather than just belly aching ad infinitum about the fact you don't like Biden or the democrats?