Under the Biden Administration, Secretary of State Antony Blinken revealed that a Russian Oil ban may be on the horizon. This comes on the heels of some of the highest gas prices in American history, and the action would inevitably lead to another hike in cost.
At a Glance
- Blinken opens up about banning Russian Oil to cripple the Russian economy.
- These actions would be taken alongside NATO allies.
- Gas prices hit an average of $4.00 per gallon for the second time ever.
- Republicans and other critics claim the Biden Administration is at fault.
Biden Administration Discusses Potential Russian Oil Ban
Blinken revealed in a recent appearance that the government is considering. banning Russian oil imports “in a coordinated way” with allies. The idea is to negatively affect the Russian economy, while making sure there is still enough oil on the global market.
“The actions we’ve taken to date have already had a devastating impact on the Russian economy,” Blinken reportedly said. “We’ve seen the ruble in free fall. We see the economy heading into a deep recession. We’ve already had a major impact, but we are looking, again, as we speak, in coordination with allies and partners at this prospect of banning oil imports.”
Additionally, the Secretary of State explained the importance of maintaining allies amid the escalations in Eastern Europe. He said: “A hallmark of everything we’ve done to date has been in coordination with our allies and partners. We are much more effective across the board when we’re doing things together and in as close coordination as possible. There are instances in which we each do things a little bit different, but it complements the whole.”
Moreover, Blinken added that he prioritizes those allies when choosing which actions to take.
“So, in the first instance, we want to make sure that we’re acting in coordination,” he added. “I’m not going to rule out taking action one way or another, irrespective of what they do, but everything we’ve done, the approach starts with coordinating with allies and partners.”
Critics Blame Hike in Gas Prices on Biden Administration
Regardless of the conflict with Russia, some critics felt that the Biden Administration is to blame for the hike in gas prices. For the first time since 2012, they hit a new high, with an average of $4.00 per gallon.
“This is not the end of it,” said Tom Kloza, the global head of energy analysis for OPIS. “We’re already up another 14 cents on wholesale gas prices this morning. It’s absolutely out of control. When you get increases this quick, and this dramatic, you really scald the public.”
However, while the obvious cause for the inflation is the Russian invasion of Ukraine, some propose that the President affected this cost. Efforts to mitigate the costs come from both sides of the aisle. Democrats proposed a federal gas tax holiday, which would lower costs for consumers. Republicans want to expand domestic oil drilling.
According to House Minority Whip Steve Scalise, the Biden Administration exacerbated the problems through their policies. Scalise, who is on the House Energy and Commerce Committee, explained: “President Biden should immediately reverse his devastating policies that are causing gas prices to skyrocket and are giving Putin leverage against the rest of the world and return to the policies that were working under President Trump to create American energy dominance with gas prices below $2 a gallon.”
Regardless of the blame, gas prices continue to rise, and consumers are likely to see more inflation as action is taken against Russia.