\n \n \n “. concat(self. i18n. t(‘search. voice. recognition_retry’), “\n
(Bloomberg) — President Joe Biden is under pressure from lawmakers on both sides to cut off U. S. imports of Russian oil and fuel to accuse Russia of its invasion of Ukraine.
Most read from Bloomberg
The teenager that Elon Musk’s plane is now suing Russian tycoons
Chinese Spy Tank Advises Xi to Plan Counterproductive Sanctions Against Russia
Russia intensifies air crusade cities: update on Ukraine
Microsoft says CEO Satya Nadella’s son has died at age 26
Belarus prepares for troops, report says: Ukraine update
Such a move would likely push up U. S. gas prices. This makes it a politically and economically risky move for a president already suffering from inflation in four decades.
But the rise in confidence in Congress parallels pressure from senior Democrats to kick Russian banks out of the monetary messaging service SWIFT, a step management resisted in the first place amid warnings about the fallout. That reluctance subsided when Russian President Vladimir Putin’s forces sank deeper into Ukraine.
Prominent Republicans like Sen. Lindsey Graham of South Carolina say Biden is failing to “hit Putin where it hurts the most. “The first State of the Union address on Tuesday night could become the most important.
Massachusetts Democrat Ed Markey, a member of the Senate Foreign Relations Committee, on Tuesday introduced legislation banning all imports of Russian crude oil and petroleum products into the United States. increase exports to NATO allies.
Manchin, who has called America’s dependence on Russian power “ridiculous,” is an outlier within his own party, but he’s not the only Democrat interested in changing the Biden administration’s policy toward oil and gas.
Sen. Bob Casey of Pennsylvania said he would be willing to take action he wouldn’t have taken before the invasion, adding increased energy output. And Sen. Jon Tester of Montana said it could also help drill more.
“The fact is that we have another challenge now, and that is that we would possibly have to source from Europe,” Tester said.
The United States bought more than 600,000 barrels per day of Russian crude and petroleum products in 2021, up 24 percent from a year earlier, according to the Energy Information Administration. This represents about 3% of oil intake in the United States. Canada banned imports monday of Russian crude, not importing it since 2019.
Republicans led by Sen. Roger Marshall of Kansas proposed their own ban on Russian oil imports Tuesday night.
The administration has not taken steps to cut off Russian oil and gas, however, on Tuesday, a key official said it would take steps that would mitigate the loss of imports.
“We have had discussions with OPEC about expanding its production. And there are also ongoing discussions on a coordinated release of the strategic oil reserve to produce and allow more barrels of oil to succeed in the market,” said Bharat Deputy Director of the National Economic Council. Ramamurti told Bloomberg TV.
Management also faces calls from the industry to increase domestic production. Chevron Corp. CEO Mike Wirth said any short-term action taken through management deserves to be accompanied by long-term commitments to invest in the domestic oil and fuel industry. Ramamurti said there were 9,000 unused rentals that the U. S. government said there were 9,000 unused rentals. he had granted for the production of oil and fuels and that “people are free to use them if they so wish. “
Chevron Calls Biden on U. S. Oil in the Face of Russian Threat (1)
But the increase in fossil fuel production clashes with the view of many Democrats who argue that climate substitution is an existential risk and can be countered by focusing on boosting renewables.
“We’re seeing two wars right now,” Dick Durbin, the second Democrat in the Senate, said in an interview. a war on climate change, which will be as devastating to the world as any hot war on a military base. “
Meanwhile, Senate Majority Leader Chuck Schumer downplayed the Russian oil factor when asked about Manchin’s efforts to conduct more drilling, saying Russian oil accounts for a small portion of the U. S. energy supply.
“The genuine thing with emerging fuel costs is scams and monopolies. Democrats are focusing on any of those issues,” he said.
Manchin, who chairs the Energy Committee, is making plans for weeks of hearings on expanding energy production, and the increase comes at a time when considerations about inflation and gas costs have skyrocketed, while Biden’s polls have plummeted.
Meanwhile, Republicans have been seeking higher domestic oil and fuel production since Biden’s tenure began and are now calling for regulatory relief.
“If there’s anything that can replace his policy, it may just be war,” said Alaska Republican Sen. Lisa Murkowski.
(Add oil to the paragraph of the moment, the Republican proposal to ban imports of Russian oil in the 10th and the comments of Senate Majority Leader Chuck Schumer in the 16th. )
Most read from Bloomberg Businessweek
Tech giants level their first overall fight in the metaverse
Wall Street’s Razor Industry Returns
The metaverse in spite of everything has an application that kills: poker
Pandemic shock highlights Nordic wellness model
Cyberwar: how nations attack without bullets or bombs
©2022 Bloomberg L. P.