June 30, 2022

Biden officials weigh in on Russia’s oil embargo as gas prices rise

But that cross-border cooperation could be stopped with oil. German Chancellor Olaf Scholes said his country could not shut down Spicott.

“Europe has deliberately exempted energy supplies from Russia from sanctions,” he said in a statement on Monday. “At the moment, Europe’s energy for heat generation, operation, electricity and industry cannot be protected in any other way.”

Biden executives say immediate discussions on Russian energy will focus on restricting domestic oil imports rather than imposing broader sanctions that would prevent other countries from buying. The failure of the United States to import more Russian crude could reduce the economic shock to oil markets.

Last fall, it imported about 700,000 barrels a day from Russia, less than 10 percent of its total oil imports, U.S. officials said. In contrast, Europe imported 4.5 million barrels a day from Russia, accounting for one-third of its total imports. Analysts said the United States could easily find a way to offset Russia’s oil losses, while Europe would have a tough time doing so.

But if there is any disruption to the oil flow, Mr. on Ukraine. Uncertainty over Putin’s invasion could further destabilize world markets, including oil prices. Worldwide Brent crude rose 4.3 percent to $ 123.21 a barrel on Monday, up from $ 139 a barrel earlier. Oil prices have risen about 26 percent in the past week as the conflict has intensified.

In recognition of the management’s concern about the uncertainty surrounding global energy flows, US officials have been discussing the possibility of increasing supplies or supplies with Saudi Arabia and oil – producing countries. VenezuelaIt is Russia’s partner and has been subject to widespread US sanctions for years.

Mr. Biden, Mr. on Ukraine. In a speech more than a week after Putin’s invasion, he said a conflict involving Russia would affect American consumers. “I wouldn’t pretend it would be painless,” he said Said On February 15th. “Our energy prices may be impacted, so we are taking serious steps to mitigate the pressure on our own energy markets and offset rising prices.”