Sunday, 24 Aug 2025
America Age
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Font ResizerAa
America AgeAmerica Age
Search
  • Trending
  • World
  • Politics
  • Opinion
  • Business
    • Economy
    • Real Estate
    • Money
    • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion / Beauty
    • Art & Books
    • Culture
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 America Age. All Rights Reserved.
America Age > Blog > Politics > U.S. Weighs Russian Oil Ban as Gas Prices Surge and Ukraine War Grows
Politics

U.S. Weighs Russian Oil Ban as Gas Prices Surge and Ukraine War Grows

Enspirers | Editorial Board
Share
U.S. Weighs Russian Oil Ban as Gas Prices Surge and Ukraine War Grows
SHARE

But that cross-border cooperation could stop with oil. Chancellor Olaf Scholz of Germany said his country could not simply turn off the spigot.

“Europe has deliberately exempted energy supplies from Russia from sanctions,” he said in a statement on Monday. “At the moment, Europe’s supply of energy for heat generation, mobility, power supply and industry cannot be secured in any other way.”

Biden administration officials say the immediate discussions over Russian energy are focused on banning domestic oil imports rather than carrying out wider sanctions that would cut off purchases by other countries. That could lessen the economic shock to oil markets given the United States does not import much Russian crude.

Last fall, it imported about 700,000 barrels per day from Russia, less than 10 percent of its total oil imports, U.S. officials said. By contrast, Europe imported 4.5 million barrels per day from Russia, about one-third of its total imports. The United States can easily find a way to make up for any loss of Russian oil, while Europe would have a harder time doing so, analysts said.

But any disruption in the flow of oil could further rattle global markets, including oil prices, which have surged because of the uncertainty over Mr. Putin’s invasion of Ukraine. Brent crude, the global benchmark, ended Monday up about 4.3 percent to $123.21 a barrel, but earlier it had climbed as high as $139 a barrel. The price of oil has soared about 26 percent over the past week as the conflict has intensified.

Updated 

March 8, 2022, 1:50 a.m. ET

In a sign of how concerned the administration is about the uncertainties around global energy flow, American officials have been discussing the possibility of increasing supply or distribution with oil-producing nations, including Saudi Arabia and Venezuela, which is a partner of Russia and has been subject to broad U.S. sanctions for years.

President Nicolás Maduro of Venezuela said on Monday at a meeting with his council of vice presidents and military command that Venezuela had the capacity to produce more than three million barrels of crude oil per day “if necessary for the stability of the world.”

TAGGED:Energy and PowerOil (Petroleum) and GasolineRussian Invasion of Ukraine (2022)The Washington MailUnited States EconomyUnited States International Relations
Share This Article
Twitter Email Copy Link Print
Previous Article Morgan Wallen’s Album of the Year ACM win polarizes Twitter: ‘Racist country fans can rejoice!’ Morgan Wallen’s Album of the Year ACM win polarizes Twitter: ‘Racist country fans can rejoice!’
Next Article Climate Hawks Join the Debate on Ukraine Climate Hawks Join the Debate on Ukraine

Your Trusted Source for Accurate and Timely Updates!

Our commitment to accuracy, impartiality, and delivering breaking news as it happens has earned us the trust of a vast audience. Stay ahead with real-time updates on the latest events, trends.
FacebookLike
TwitterFollow
InstagramFollow
LinkedInFollow
MediumFollow
QuoraFollow
- Advertisement -
Ad image

Popular Posts

Polls set to shut in tight presidential race in Poland – reside

Key occasionsPresent key occasions solelyPlease activate JavaScript to make use of this characteristicThe best way…

By Enspirers | Editorial Board

Alec Baldwin Seeks to ‘Clear His Name,’ Accuses Crew of Negligence in ‘Rust’ Death

Alec Baldwin filed a cross-complaint on Friday seeking to “clear his name” in the shooting…

By Enspirers | Editorial Board

Pakistan say security forces kill 5 militants in Baluch area

QUETTA, Pakistan (AP) — Pakistani security forces on Sunday killed in a shootout five militants…

By Enspirers | Editorial Board

Wordle right now: This is the reply hints for September 20

Oh hey there! When you're right here, it should be time for Wordle. As all…

By Enspirers | Editorial Board

You Might Also Like

New York AG James Gained’t Drop 4 Million Civil Fraud Case In opposition to Trump, Workplace Says
Politics

New York AG James Gained’t Drop $454 Million Civil Fraud Case In opposition to Trump, Workplace Says

By Enspirers | Editorial Board
DeSantis Names State Sen. Jay Collins as Lieutenant Governor
Politics

DeSantis Names State Sen. Jay Collins as Lieutenant Governor

By Enspirers | Editorial Board
Newsom Indicators California’s Redistricting Plan as Texas Finalizes New Maps
Politics

Newsom Indicators California’s Redistricting Plan as Texas Finalizes New Maps

By Enspirers | Editorial Board
Key Takeaways From Trump–Putin Summit on Ukraine
Politics

Key Takeaways From Trump–Putin Summit on Ukraine

By Enspirers | Editorial Board
America Age
Facebook Twitter Youtube

About US


America Age: Your instant connection to breaking stories and live updates. Stay informed with our real-time coverage across politics, tech, entertainment, and more. Your reliable source for 24/7 news.

Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Terms of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 America Age. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?