Biden set to ban US imports of Russian oil, gas and coal

donfiore/iStock via Getty Images

• The White House is set to ban US imports of Russian oil, liquified natural gas and coal as soon as Tuesday, according to Bloomberg sources.
• The move is likely to come without participation from European allies, though the decision was made in consultation with partners in Europe.
• The US consumes ~21mb/d of crude oil products (NYSEARCA:USO), while Russian oil imports have averaged ~56kb/d year to date, according to weekly DOE data:
• The US is the world's largest exporter of liquified natural gas (NYSE:LNG), suggesting a ban on Russian imports of gas would be unlikely to impact domestic markets (NYSE:EQT).
• Refiners like Valero (NYSE:VLO) and Phillips (NYSE:PSX) could face minor challenges replacing heavy Russian oil, though Canada and Mexico both supply coastal refineries with heavy grades.
• The President is set to speak at 10:45 am ET, and energy markets will be focused on commentary that could point to import restrictions from European allies, as Europe is heavily dependent on Russian oil, including hard-to-replace pipeline volumes.

Comments

[my_symphony2003]

Joe is a poor puppet working for those people who control wall street, media and his administration.

[Andres Rueda]

This particular sanction is a waste of time. The Russians would in any event not sell oil to the U.S. unless they get paid in gold or roubles or yuan. They have no use for the dollar. They cannot use the dollar banking system, and anyways U.S. exports to Russia are not happening.

[Ol' Blue Eyes]

@Andres Rueda The course of this war frightens me. NATO is essentially fighting a war on the Russian border against Russian troops. As regards NATO, they are essentially at war with Russia, using their most sophisticated weaponry, but only lacking NATO bodies to shoot and be shot. We seem to think that these are the rules that have been agreed to. No concerns about a humiliated and likely demented Russian dictator who already has established himself as fully capable of cruelty and who might decide to take everyone with him. Paranoid? Well, the odds aren't great but the payoff is huge.

Biden has stood unmovable, at least, against the no-fly zone. Where will the line be drawn? If `Polish aircraft are serviced in Poland? I cringe when the latest attack against civilians are made, but I also remember what the U.S. did to Japanese and Vietnamese. The party that starts the war is greatly responsible for its escalation in size and destruction. But we had successful daylight bombing of Germany. Why did it fail in Japan with the conclusion that daylight terror bombing should be used to attack civilians?

The decision-maker, General (Dr. Strangelove) Curtis admitted that these attacks would have had him tried for a war crimes had the war been lost.

[buyandforget]

@Ol' Blue Eyes
Not quite. The RAF's Arthur Harris correctly determined that the technology of the 1940s did not allow precision bombing. He also quickly determined that inflicting mass casualties on civilian populations would have a significant impact. Goebbels notes in his diaries after Hamburg, that six more like that and the Reich would collapse. The mistake the US made was in not following Harris. Around-the-clock bombing raids designed to inflict the maximum civilian casualties may have shortened the war by six months to a year, with the resultant savings of millions of lives. Strategic bombing did not fail. It crippled Germany's ability to fight. There are no civilians in modern war. Look at the photographs of burned-out Tokyo. Drill presses, machine tools amongst the rubble. Industry was largely decentralized to avoid precision attacks. Killing a tool and die maker with twenty five years experience does far more to damage a nation's war economy than bombing a factory. That's the cruel calculus of war.

[Andres Rueda]

@Ol' Blue Eyes I know. This conflict is like a cancer that just keeps growing and growing. It started in the Donbass but has metastasized to the whole of Ukraine... and can spin out of control real easy.

[M Elan]

I won't cry over a few less suburban assault vehicles or ginormous pickup trucks with hyper-aggressive "pilots." Or the immortals going 70 mph gazing at the cell phone on their knees.

[buyandforget]

@M Elan
Would you take those vehicles away?

[M Elan]

@buyandforget No, let the markets do their thing

[george the animal steele]

@buyandforget Trucks scare beta males and cucks. and of course testosterone

[george the animal steele]

Biden. "Americans are going to have to drive around in their cars to work and heat their homes with empty stomachs".

Build Back famine and poverty

Barry Soetoro speaking from one of three multi million dollar mansions . "Joe you're an American hero and I believe you graduated top of your class in law school"

[ransim7222]

@george the animal steele
A true hypocrisy masterclass, by a legend in the craft.

[my_symphony2003]

@george the animal steele law schools produce crooks.

[rambler1]

Kids just getting over how wearing masks in school. New thing to do learn how to hide under your desk if you hear a Civil Defense bell.

[M Elan]

@rambler1 I remember that from missile crisis days

[HardCovenant]

@rambler1 in Kindergarten in the early 1960's when the teacher instructed us to hide under our desks in the nuke drill I asked "what about the ink hole in the wooden desk top, wouldn't the radiation leak through the ink well hole? And why are there still ink well holes, we have regular pens now" So the school double promoted me a couple times, move along son

Born to be an engineer

[Eauz]

So, no plan to actually provide more oil to the market to replace the 10.5 Million bpd from Russia? Not everyone can buy an EV right now but I guess when you're living off the taxpayer, money isn't an issue.

[M Elan]

@Eauz You have the temerity to question our betters, the fine technocrats and bureaucrats with advanced degrees from accredited graduate schools?

[Eauz]

@M Elan

Fair enough. I didn't pass kindergarten.

[Ol' Blue Eyes]

@Eauz The United States could easily return to being a net exporter of oil if it weren’t for the politics of fossil fuels and the desire not to annoy the polar bears.

“The Biden administration on Tuesday suspended oil and gas leases in Alaska’s Arctic National Wildlife Refuge, reversing a drilling program approved by the Trump administration and reviving a political fight over a remote region that is home to polar bears and other wildlife — and a rich reserve of oil.”

[clownsa]

yes inflation is only temporary until it misleads public opinion in another direction. The US banned the import of Russian oil even though they have not found an alternative source yet.

[wiuser]

Now Biden needs to temporarily suspend the Jones Act so that LNG can be shipped from Maryland or Texas to Massachusetts and oil can be shipped from Alaska to Hawaii and California.

[pat45]

this does not change oil supply. China and India and others will buy from Russia for less than this hi price. Their normal imports will go to others. USA goes back to working from home to save oil

[jack kreg]

Biden to switch from one terrorist to another, Russia to Iran/Venz
Biden has blood money on hands, aka blood diamonds!
100's Ukraine's dying every day.
Biden sits on his hands.

[M Elan]

@jack kreg Biden is just part of a long post Cold War NATO consensus that may have defrauded Ukraine. "Come hither if you can slip away."

[MAYHAWK]

Day late and a ruble short, as usual.

[Steve Fischer]

@MAYHAWK They probably said the same thing about you when you attempted to obtain your GED. Only 1% of our oil that gets refined comes from Russia. "
In 2021, the US imported an average of 209,000 barrels per day (bpd) of crude oil and 500,000 bpd of other petroleum products from Russia, according to the American Fuel and Petrochemical Manufacturers (AFPM) trade association.
This represented three percent of US crude oil imports and one percent of the total crude oil processed by US refineries. By contrast, the US imported 61 percent of its crude oil from Canada, 10 percent from Mexico, and six percent from Saudi Arabia in the same year. Al_jjazzera"

[buyandforget]

@Steve Fischer
sounds like buying a little more from Canada and Mexico solves that problem.

[Steve Fischer]

@buyandforget No more production here would help. Here is the CEO of SMLP.
"Given the current commodity price environment and the momentum in activity that we experienced in second half of 2021, we are disappointed and frankly surprised by the limited amount of new wells that our customers' most recent plans are indicating will be turned on-line behind our systems in 2022," President, CEO and Chairman Heath Deneke said.

[energyguy921]

Biden drove up oil 10 today..thank you Joe blow. Hunter is snorting coke today because of you

[ransim7222]

@energyguy921
So Putin is killing Ukrainian children and Joe Biden gets the blame for the price of oil. This is a strange world.

[energyguy921]

@ransim7222 and Putin felt emboldened because they Howdy doody in office. His response before invasion run run away now, real leadership..

Can you imagine Churchill saying that after dunkirk

So the invasion is all on him and his limp policies

[Bruce Miller]

@ransim7222 Yes, because its his policies that have set this path. Like Robert Gates said, Biden was wrong on virtually every foreign policy and international security decision he made over his political career. Biden is just being consistent.

[Rinascimento]

Biden is playing the Russian roulette and setting off weapons of mass destructions all over the markets; good luck to all; adios to petro$$ and world reserve currency; our friends in Greater Britain will remember us by reciprocating a reverse Lend-Lease plan

[ransim7222]

@Rinascimento Like the UK could afford us.

[Poupon Marks]

@Rinascimento The JUSA is rotting away with the equivalent of gangrene. It is unstoppable, a truck going down mountain road with no brakes.

When, not if, the dollar loses its reserve currency status, hard times, poverty, death and chaos will ensue in Amurka. The dollar will decline in value by at least 50 per cent. No one in the World will want it, preferring trade in their own respective currencies and/or the Chinese yuan.

America's total National Debt is 30.2 trillion dollars. That's 92,000 dollars per person. The only way it can be paid (it must be paid or defaulted), is to massive inflate the currency. Argentina is us, boys and girls.

Charlie Munger, partner of Warren Buffet at Berkshire, said his working hypothesis is that the dollar will eventually be ZERO. Worthless.

Under your nursing home Alzheimers ward Prezidunce, this process is greatly accelerating. Gee whiz, its as though HE IS DELEBERATELY TRYING TO DESTROY THE COUNTRY FOR THE WEF/NWO.

It takes over $28 dollars today what it took 1 dollar to buy in 1913. And that devaluation is increasing in rate.

Higher oil prices mean higher food and everything prices, not just gasoline. Higher electric bills. No end in sight.

[Rinascimento]

@Poupon Marks
For sure we are living in historical and hysterical times; there was a time when US was trying to open up markets for its exports but all these sanctions are isolating the US just to US, Great Britain, and Israel; good luck with this; hopefully cooler head will prevail

[Go Anywhere Fund]

Anyone know about uranium or enrichment?

[mosky moc]

patriotic americans are willing to bear the pain of higher prices in order to protect the freedom and independence of ukraine

[Jason Alberty]

@mosky moc Sorry, but the same people that tried to impeach MY president over and over are the same people who want this war to spread wokeness throughout Europe.

[Eauz]

@mosky moc

Uhh, the U.S. isn't invovled in the battle. If the government actually wanted and end to this, they would be in there fighting for freedom. Instead, they're sitting on the sidelines in a proxy war.

[JayPar]

@Jason Alberty ‘wokeness”? It seems that term is being used more and more in a meaningless way, now it applies to people who don’t want to live under a dictatorship. I guess I will be proud to be woke then.

[Pacifica Yield]

Correction to the article. The United Kingdom also announced a ban. Russia just boosted domestic production of Oil + Gas in the 5 eyes. Huge boost for domestic drillers and North Sea companies.

[awcabot]

Good.
US producers can pump out more shale oil, giving jobs to American workers.

[Weather Man]

@awcabot Problem, shale has been through several boom/bust cycles and the investor pressure to get the balance sheets in line and reward shareholders is tremendous.

[busterbrown]

@Weather Man Bingo! That's the problem. They have tons of applications approved for drilling, but the drillers aren't doing it.

[TheOracle12]

@busterbrown biden's rhetoric is anti oil so why drill here... Disasterous domestic policy will be fatal to their party

[2MuchDebt]

Destroy domestic oil and gas production in the U.S. and cut off a major source of foreign oil and gas... This is Brandon for you - completely incompetent, a puppet, and purposely causing pain for Americans but trying to spin it as righteous and patriotic.

[JayPar]

@2MuchDebt only trouble with that narrative is us oil production is at record levels…oh well don’t let facts get in your way… you never thought it may be time to try and use less instead thinking we can drill our way out of the problem when a finite resource is involved a good deal of which is in countries with potential to blow up. The Brandon haters think they can drill enough to replace the entire production of a massive country.

[Exoh]

@2MuchDebt Why are there thousands of permitted drilling sites not being tapped by U.S. oil companies? You think Brandon is out there in a hard hat and a drilling machine extracting oil from the ground?

U.S. oil companies can and should be pumping more. Blame them, not Brandon, but that's not as politically convenient is it? There is ample opportunity to increase production in the U.S. that is being ignored by oil companies, and Brandon has nothing to do it.

And yes, Russian oil should have been axed the moment they crossed the border. It's long overdue.

[HunterKiller89]

@2MuchDebt Oil companies stopped growing for growth's sake and are moderating any production growth, which is EXACTLY what us O&G investors have been telling them to do since 2018.
Markets determine production, not POTUS.

[Churchill32]

Could really go for fully stocked grocery shelves, $1.79 gas and 1.7% inflation right now!

[russlaw2014]

@Churchill32 it was but then 80 million voters elected the most popular politician ever

[ransim7222]

@russlaw2014 And the most mentally handicapped.

[SilverBandit]

Good