US gas prices: Huge support for Biden Russia ban despite ‘Putin spike’ in energy costs

Good morning,

American motorists are now paying an average of $4.173 a gallon when they fill up, according to AAA.

The previous record, $4.10 a gallon, was set in July 2008 during the global financial crisis.

Adjusted for inflation that would be approximately $5.37 in 2022 prices.

Gustaf Kilander has the latest.

President Joe Biden is expected to announce a ban on imports of Russian oil and gas as part of his administration’s efforts to “continue to hold Russia accountable for its unprovoked and unjustified war on Ukraine”.

According to the White House press office, Mr Biden’s schedule for Tuesday — originally set to consist only of his daily national security briefing and a trip to Fort Worth, Texas — will now include televised remarks delivered from the White House’s Roosevelt Room at 10.45 am.

A source familiar with the plans told The Independent Mr Biden’s remarks would contain such an announcement.

Andrew Feinberg reports from Washington, DC.

CBS News’ Scott McFarlane asked Senate Energy Committee Chair Joe Manchin about the prospect of a further jump in gas prices should a ban on Russian oil imports go into effect.

Citing the carnage in Ukraine, the senator said: “If there’s a price increase and someone says you’re going to pay a nickel or a dime more, I think the American public would pay them.”

On the suggestion that imports of Russian oil could be replaced by imports from countries such as Venezuela, Iran, and Saudi Arabia, Senator Jon Tester says: “We shouldn’t be advancing other countries who don’t share our values.”

CNN’s Manu Raju also spoke with Senator Joe Manchin: “Go back to the policies that we’ve had before,” he said, calling for more domestic energy production.

“That’s all we’re asking for. And if we’re asking the rest of the world to step up, let’s show that we’re going to step up.“

Brent crude oil, the benchmark oil price, is now trading above $130 a barrel with West Texas Industrial not far behind.

The EU has unveiled major new plans to end all imports of fossil fuels from Russia “well before 2030”, following the invasion of Ukraine.

“The case for a rapid clean energy transition has never been stronger and clearer,” the European Commission said in a statement.

The rapid reduction in fossil fuel imports from Russia will begin with reducing dependency on Russian gas, the Commission said.

Harry Cockburn, environment correspondent for The Independent, has the latest.

Donald Trump hit President Joe Biden for gas prices being the highest they have been in years with a simple statement: “DO YOU MISS ME YET?”

The former president’s statement comes as the Biden administration is set to announce a ban on Russian-imported oil into the United States amid Russia’s assault on Ukraine and gas prices were skyrocketing.

Eric Garcia reports from Washington, DC.

The US imports about 100,000 barrels a day from Russia, only about 5 per cent of Russia’s crude oil exports, according to Rystad Energy. Last year, roughly per cent of US imports of oil and petroleum products came from Russia.

Any curbs on Russian oil exports would send already soaring oil and gasoline prices higher in both the US and Europe and further squeeze consumers, businesses, financial markets, and the global economy.

Energy analysts warn that crude oil prices could go as high as $160 or even $200 a barrel if oil sanctions are imposed by the West or if buyers continue shunning Russian crude.

Oil prices that high could send an average gallon of US gasoline past $5 a gallon.

AP

“We’re banning all imports of Russian gas, oil and energy,” confirms President Joe Biden.

“Russian oil will no longer be accepted at US ports,” Mr Biden says at a White House address. “We will not be part of subsidising Putin’s war.”

He says this targets “the main artery of Russia’s economy”.

Mr Biden says he made the decision in consultation with European allies, but notes that many of them are not in a position to join the US in banning Russian energy imports because they are more reliant on Russian oil and gas.

“This is a step that we’re taking to inflict further pain on Putin, but there will be cost as well here in the United States. I said I would level with the American people from the beginning, and when I first spoke to this I said defending freedom is going to cost.”

Gas prices are up 75 cents per gallon since Putin invaded Ukraine and “with this action it’s going to go up further,” Mr Biden says, vowing he’s going to do everything he can to keep prices down.

The president also called on companies not to engage in “profiteering or price gouging”.

“It’s simply not true that my administration is holding back domestic energy production. It’s simply not true,” the president says, countering a Republican attack on him for the gas price spike.

Mr Biden notes there are 9,000 federal gas leases available for domestic oil production that aren’t being used.

He calls for the US to become “energy independent” and less reliant on international energy suppliers.

“It should motivate us to accelerate a transition to clean energy.”