No American relishes the added hike to prices -- currently more than $120 per barrel according to NPR -- that will be caused by President Biden’s ban on oil imports from Russia, the world’s largest exporter, in an executive order announced Tuesday. Biden also banned natural gas and coal imports. Republicans looking to boost gains expected in this year’s midterms already have attempted to paint the White House’s response to Russia’s invasion of Ukraine as weak, even as former President Trump and a faction on Fox News continue to fawn over Vladimir Putin.
Pump Gas
Average price for a gallon of regular unleaded nationwide has reached $4.25 per gallon according to AAA, NPR’s Morning Edition reports Wednesday, with prices averaging over $5.50 per gallon in car-happy California.
GOP Arguments
This is no time to subsidize electrification and renewable energy sources (as found in the “green” provisions of Biden’s stalled Build Back Better plan), but instead we should drill our way back to energy independence.
“Democrats want to blame surging prices on Russia,” The New York Times quotes House Minority Leader Kevin McCarthy (R-CA). “But the truth is, their out-of-touch policies are why we’re here in the first place.”
Biden’s Counterpoints
Oil companies operating in the U.S. “have 9,000 permits to drill now. They could be drilling right now, yesterday, last week, last year,” Biden said in announcing his ban Tuesday, (NYT). “They have 9,000 to drill offshore that are already approved. So let me be clear. They are not using them for production now. These are the facts.”
Other Support
Great Britain has pledged to phase out imports by the end of the year, and the executive arm of the European Commission intends to make itself independent of Russian oil in the coming years – even if that’s too little, too late. Moderate conservatives are lining up behind Biden, including the group Republicans Against Trumpism, which tweeted a copy of the ex-president’s “Save America” message from yesterday calling out the “highest gas prices in history,” which asks, “Do you miss me yet?” To which Republicans Against Trumpism tweeted, “NO.”
The U.S. has been an oil exporter for most of the century, with oil supplies playing on the price-setting global market. American refineries built in the ‘00s mostly treat Brent Crude from other oil-producing countries so much of low-sulfur sweet crude from the U.S. is exported.
A Mess in Favor of Texas?
A potential bright spot for Democrats this year is that the high oil prices likely will benefit states like Texas, Oklahoma and North Dakota that were hit by historically low oil prices over the past few years, especially when prices turned negative briefly early in the pandemic.
—Todd Lassa
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