Russia ’s invasion of Ukraine has driven lawmakers in Washington from both sides of the aisle to demand what energy market strategists just weeks ago …
Russia ’s invasion of Ukraine has driven lawmakers in Washington from both sides of the aisle to demand what energy market strategists just weeks ago considered unimaginable: a ban on Russian energy imports. An embargo on the hundreds of thousands of barrels of Russian oil that the U.S. receives each day would represent a seismic shift in energy policy, likely causing repercussions for Americans’ fuel costs. Still, the idea has gained major bipartisan support among lawmakers in recent days, stunning energy market strategists as Moscow’s war on Ukraine has caused the globe to ratchet up its response. “I would have never thought in my entire lifetime that the U.S. government — in any form — would band together on banning Russian oil supplies,” veteran oil strategist Dan Dicker told The Washington Times. “It will have a major impact on prices, and for politicians to take that responsibility against Putin for what he ’s doing is one of the greatest and heroic actions of this century.” House Speaker Nancy Pelosi, California Democrat, on Thursday endorsed banning Russian oil imports. In addition, a bipartisan and bicameral group of lawmakers unveiled an emergency measure that would cease all Russian energy imports. But the White House remained opposed over concerns that gasoline prices would further rise and that the move would “pad the pockets” of Russian President Vladimir Putin, who could simply sell the oil elsewhere with a higher price tag.
