WASHINGTON

- With Washington announcing a ban on Russian oil imports, a move that would cut about 8% of annual US supplies, criticism has increased of President Joe Biden's administration's efforts to replace Russian oil with Venezuela and Saudi Arabia, rather than resorting to American oil sources.

Electoral partisan political balances contribute to the calculations of President Joe Biden, who faces a very complex situation in dealing with the global energy crisis, with which oil prices have reached historic record prices.

After the record price of a gallon of gasoline in the United States held for more than 12 years at rates in July 2008, when it reached 4.11 dollars per gallon, this number was exceeded last Tuesday, according to data from the Automobile Club of America;

It reached $4.17 per gallon due to the fallout from the Ukraine crisis.

Since the start of the Russian war on Ukraine on February 24, the price of a gallon of gasoline has risen by 63 cents, or 18%, at American gas stations, and it is expected to continue rising in the coming days and weeks.


Biden and Russia's oil

Most of America's crude oil imports come from Canada, Mexico, and Saudi Arabia, which makes the United States less dependent on Russian oil, compared to many of its European partners.

The United States imported about 672,000 barrels per day from Russia in 2021 (about 245 million barrels during 2021), according to figures from the US Energy Information Administration, and this amount constitutes about 8% of the total US imports of oil and refined petroleum products.

It is noteworthy that the United States imported about 200 million barrels of Russian oil in 2020, according to data from the US Energy Information Administration.

Edward Fishman, a former official at the Departments of State and Defense, and an expert on energy and sanctions issues at the Atlantic Council, suggested several steps to mitigate the shock of stopping the export of part of Russian oil, and reduce the harmful side effects during a series of tweets.

Putin's war shows no sign of letting up.

It's time to impose sanctions on the lifeblood of Russia's economy: Oil

Oil is the weak spot in the pressure campaign.

It doesn't have to be.

Here's how the US & Europe can cut Russian oil sales while limiting adverse side effects (🧵):

— Eddie Fishman (@edwardfishman) March 6, 2022

The Russian economy is highly dependent on oil sales. Russia exports 5 million barrels of oil per day, which accounts for nearly half of Russia's export earnings. Oil adds $100 billion to the Kremlin's coffers every year.

Fishman says the West has avoided targeting Russian oil sales for two reasons: first, concerns about rising domestic gasoline prices;

Second, if oil prices rise more than Russia's sales fall, sanctions may benefit Moscow negatively, as they may make more money selling less oil.

The Russian oil sector cannot be struck overnight, but most important of all is the gradual reduction of Russian oil exports of 5 million barrels per day, as was the case with Iran, whose sanctions succeeded in reducing its exports from 2.5 million barrels per day to less than one million barrels. daily at the moment.

Fishman considered that the nearness of reaching the revival of the nuclear agreement with Iran opens a window to compensate for Russian oil in the American and global markets.

American attempts with Saudi Arabia and Venezuela

US officials are working behind the scenes in an effort to boost global energy supplies, and the United States has released millions of barrels from its strategic reserve in an unsuccessful attempt to control price hikes before the fighting in Ukraine began.

US officials visited Saudi Arabia in an attempt to urge it to pump more oil.

Talks aimed at reviving the Iran nuclear deal also led to optimism that Iranian oil could also lead to the near availability of Iranian oil in greater quantities on global markets.

Washington has taken an exceptional step by visiting a US government delegation to Venezuela to talk about energy security, and the United States is imposing sanctions that prevent dealing with the oil company and central banks in Venezuela, and on Venezuelan President Nicolas Maduro, who Washington does not recognize.

Most of Venezuela's oil exports go to India and China, with technical assistance from Russia.


Criticism of Biden's domestic oil policy

Many Republican members of Congress agree that Biden's environmental and climate change policy negatively affected energy independence in the United States and Western Europe, paving the way for the Russian war on Ukraine.

Republicans also attacked Biden against the backdrop of his decisions - which he took since his first week in office - related to closing and reducing conventional energy production from gas and oil, in addition to closing the giant "Keystone" pipeline, and banning the extraction of shale oil.

Republicans considered that Biden's policies allowed the doubling of the power of Russia's energy weapon in the face of Washington's main allies in Western Europe.

Biden did not suggest replacing oil markets with US crude;

This is due to the influence of the progressive movement within the Democratic Party, which calls for reducing dependence on shale oil and traditional energy sources.

Biden's stance provides a new opportunity for Republicans to argue against Biden's foreign policy acumen and its domestic ramifications, putting the Democratic Party on shaky ground as voters head into November's midterm elections.

Republican Senator from Alaska Lisa Murkowski tweeted, “With Putin continuing to weaponize oil and gas, the United States has the opportunity to produce our own energy domestically, address rising prices. Let's cut off Russian exports, start production right here at home! Alaska is ready! ".

As Putin continues to use oil and gas as a weapon, the US has the opportunity to domestically produce our own energy, and address high prices.

Let's #BanRussianImports, and start producing here at home.

Alaska is ready.

— Sen.

Lisa Murkowski (@lisamurkowski) March 7, 2022