Pressure Grows on Biden to Ban US Imports of Russian Oil
A bipartisan group of U.S. senators introduced a bill on March 3 to ban U.S. imports of Russian...
A bipartisan group of U.S. senators introduced a bill on March 3 to ban U.S. imports of Russian oil, saying the shipments could be replaced by boosting output in North America and other places.
The bill would have to pass the Senate and House and be signed by President Joe Biden to become law, but the White House has indicated reluctance to support moves that could increase the price of gasoline at a time when inflation is already high.
The bill, Banning Russian Energy Imports Act, is intended to punish President Vladimir Putin over his invasion of Ukraine and is sponsored by 18 senators in the 100-member chamber, including Joe Manchin, a conservative Democrat, and Lisa Murkowski, a Republican. Similar legislation has been offered by Senator Ed Markey, a liberal Democrat.
API: Most Americans support domestic energy production
A new survey conducted by Morning Consult for the American Petroleum Institute revealed that 90%...
A new survey conducted by Morning Consult for the American Petroleum Institute revealed that 90% of US voters, including 92% of Democratic respondents, favor domestic energy development over foreign supplies. In addition, more than 80% of respondents said they believed domestic oil and natural gas production would boost energy security for the US and its allies, reduce energy costs at home and help preserve US leadership in times of uncertainty.
Russia accounted for a pandemic-elevated 7% of U.S. oil imports in 2021
While some lawmakers in Washington, D.C., are pushing for a ban on imports of Russian oil and petroleum...
While some lawmakers in Washington, D.C., are pushing for a ban on imports of Russian oil and petroleum products into the U.S., such a move likely wouldn’t have a huge effect on prices for Americans, according to one analyst.
The U.S. imported over half a million barrels per day of Russian crude and petroleum products last year, amounting to about 7% of total U.S. imports, according to Smith. “But that number was elevated because of the pandemic — the U.S. was a buyer of last resort because of weak demand in both Europe and Asia,” he said.
For Russian oil companies, a U.S. ban on their crude would have a limited effect as well, since Europe is their key market, while the U.S. is “only a small customer” for them, Smith said.
Nat-Gas Declines As Weekly EIA Inventories Fall Less Than Expected
April Nymex natural gas (...
April Nymex natural gas (NGJ22) on Thursday closed down by -0.040 (-0.84%).
Nat-gas prices Thursday gave up an early advance and closed moderately lower. Nat-gas prices retreated after weekly EIA nat-gas inventories fell -139 bcf, a slightly smaller draw than expectations of -141 bcf. Nat-gas prices Thursday initially moved higher on carry-over support from a surge in European gas price to an all-time high. European gas prices are soaring on concern the war in Ukraine will lead to disruption of Russian gas supplies to Europe.
Higher oil prices push Sri Lanka into deeper economic crisis
COLOMBO, Sri Lanka (AP) Sri Lanka’s already dire economic crisis has deepened as oil...
COLOMBO, Sri Lanka (AP) Sri Lanka’s already dire economic crisis has deepened as oil prices hover near $110 a barrel. Vehicles are stranded with empty tanks, power cuts are depriving students of study time for exams and shopping mall air conditioners are being switched off to conserve energy.
The South Asian island nation already was so short of hard currency that authorities had restricted imports of cars and fertilizer. It's now having to scrape into dwindling reserves to pay for ever more costly oil needed to keep the economy running.
