Biden Bans The Russian Gas (not good kind)

Just a week after the sanctions started flying in from the U.S., Biden lays down the absolute law and banned the import of oil from Russia. Unfortunately for Chiclets fans, “The Russian Gas” is cancelled.

Interestingly enough, the first sanctions enacted by the U.S. on Russia completely disregarded their oil sector. Alright Putin, if you thought the original sanctions were bad, then you’ll LOVE this new round we got for ya! My man Biden is simply playing Chess. In fact, Biden is the proverbial Beth Harmon, and Putin is Vasily Borgov.

The American consumer is currently at odds as to which issue they take more heartache with, inflation (which is running HOT [shoutout Young Thug]), or taking down the Russian Federation.

While Europe has a much larger dependence on oil (40%), the U.S. reliance on Russian oil is far less. U.S. imports of crude oil in 2021 were overwhelmingly from Canada (thanks, neighbor). Although Russia does make up the 3rd largest U.S. importer, the newest sanctions are likely to cause more heartache for Russia, than they will for us. I’m sure many Americans would band together and agree that it’s worth potentially paying more at the pump for us to stick it to the Motherland.

Along with the fresh ban on Russian gas, the U.S. released 30 million barrels of crude from its “Strategic Petroleum Reserve.” They better have been stocking up on this fresh liquid gold back in April 2020 when oil went absolutely nuclear (in the wrong direction). Truly another remarkable moment in history.

The U.S. Department of Energy committed to the release of these 30 million barrels on March 1st, in anticipation that the Russia/Ukraine fiasco would get much uglier. This strategic reserve was instituted in the 70s to assuage large shocks to the oil markets, such as this newly instituted ban we’ve imposed against Russia. The reserve can hold up to 714 million barrels of crude oil, according the U.S. Energy Information Administration.