U.S. and European dependence on Russian oil and gas is tempering the push for harsh sanctions on the industry
President Joe Biden and his European allies could take one move to strike at the heart of Russian President Vladimir Putin’s regime and its wealth: Imposing direct sanctions on Russia’s oil and gas industry.
“My administration is using every tool at its disposal to protect American families and businesses from rising prices at the gas pump,” Biden said at a press conference Thursday, adding that his newest sanctions were specifically designed to allow Russian energy payments to continue. Americans are feeling that pain in their wallets as well. U.S. gasoline prices are up nearly a $1 a gallon from last year, an increase that has given Republicans an opening to pummel Biden and his climate change policies as a threat to voters’ wallets. The White House has been acutely aware of the political and economic risks from its sanctions.
“The U.S. and EU will levy sweeping sanctions but they will not halt Russian energy exports, as that would cause a recession in Europe,” investment research firm BCA Research said in an analyst note. “European political leaders would likely fall from power in the coming years if there were a full-scale energy crisis.”
“My administration is using every tool at its disposal to protect American families and businesses from rising prices at the gas pump.”help offset Russia’s power in the long term, it But the United States would need to raise its production rate of 12 million barrels a day by nearly 50 percent to replace what’s coming out of Russia, a massive jump.“The options are limited in the short-term,”
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