U.S. Expected to Ban Russian Energy Imports

U.S. Expected to Ban Russian Energy Imports

United States President Joe Biden is expected to announce on Tuesday that the U.S. will ban Russian imports of oil, natural gas, and coal, according to reports.

As GoLocal reported on Monday, AAA announced that Rhode Island’s average gas price is up 58 cents from last week ($3.59), averaging $4.17 per gallon. 

With the continued Russian aggression in Ukraine, a potential U.S. ban on Russian oil imports "may have only a modest impact on supply-demand fundamentals, considering the limited flows between the countries," according to Goldman Sachs Commodity Research. 

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"Why it matters," reports Axios. "Biden had come under growing pressure from Congress and Ukraine to sanction Russia's most important industry, but hesitated due to concerns about rising energy prices and opposition by U.S. allies in Europe."

* Top European leaders on Monday said they recognized the need to reduce the continent's dependence on Russian oil and gas, but ruled out an embargo for now.
* Bipartisan members of Congress had proposed multiple bills to ban Russian energy imports and terminate normal trade relations with Russia, forcing Biden's hand.

"The big picture," Axios continued. "The Biden administration is exploring ways to unlock more global oil supplies to ease the shock to gas prices."

* That includes negotiating with the leadership of Saudi Arabia, which Biden had pledged to make a "pariah" after the murder of journalist Jamal Khashoggi, as well as heavily sanctioned Venezuela.
* The U.S. is also expected to reach a new nuclear deal with Iran in the coming days, potentially giving Tehran the ability to ramp up its oil exports.