Oil Spikes To Session High After Report Biden To Ban Russian Oil, LNG, Coal Imports Today

by | Mar 8, 2022 | Headline News | 16 comments

Do you LOVE America?


    This article was originally published by Tyler Durden at ZeroHedge. 

    Confirming yesterday’s speculation that a ban on Russian oil imports is imminent, moments ago Bloomberg reported that the Biden administration is set to impose a ban on U.S. imports of Russian energy as soon as Tuesday without the participation of European allies, who as we discussed yesterday have been vocal – especially in the case of Germany – against such a blanket ban (because they import much more Russian oil and gas than the US).

    The ban will include Russian oil, liquefied natural gas, and coal, according to two Bloomberg sources who noted that the decision was made in consultation with European allies, who rely more heavily than the U.S. on Russian energy. In other words, the allies agreed to disagree on how important Russian oil is to them.

    Russian oil made up about 3% of all the crude shipments that arrived in the U.S. last year, according to EIA data. Overall, imports of Russian oil and petroleum products represented about 8% of the U.S. total. U.S. imports of Russian crude in 2022 have dropped to the slowest annual pace since 2017, according to the intelligence firm Kpler. As we reported overnight, Canada said that it could easily replace all US imports of Russian crude… if only the Keystone XL pipeline is approved and yet Biden still refuses to accept the simplest solution just to appease the ultra-progressive wing in the Dem party.

    Russia’s gas and oil had so far been mostly spared from sanctions introduced by the U.S. and European countries, due to concern over the economic impact, particularly on Europe, which has a greater dependence on Russian oil and, in particular, natural gas. Canada has announced a ban on Russian crude oil.

    Commenting on the probability of a Russian oil ban, last night Goldman said that “if the ban is put in place, expect the White House to simultaneously announce offsetting measures, potentially including additional releases from the Strategic Petroleum Reserve (SPR) and measures to encourage domestic production. We are skeptical that Congress would suspend the federal gasoline tax to offset a rise in prices, though this cannot be ruled out.” Indeed, another reserve release appears inevitable, with the IEA head Fatih Birol telling the FT that “IEA ready to release more oil to ease soaring energy prices.”

    In kneejerk response, oil prices have spiked higher, rising above $124 and hitting fresh session highs.


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      1. Hope you got stabilized gas and firewood stocked up. Were now officially in phase 2 of the NWO 2030 agenda plan. Energy will be unaffordable for many. Next comes the food shortages from hell. Then maybe a few nukes (not too many) and the sheep will be screaming for govt. to save their fat stupid worthless asses. Oh you need us to save you? WELL we have just the plan, all you need to do is sign on the dotted line. Gawd humanity is pathetic….

      2. And I would bet that Russia banned selling it to us. Biden just turned it around to make himself look good. Why would Russia sell to us? I wouldn’t.

      3. I think we’ve been had. Biden is doing everything that will hurt us. He shut down pipelines, shut down drilling, banned Russian energy products. I guess that’ll show those pesky Rooskies. We’re going to pay, until our standard of living collapses. Soon. I’m as ready as I can be. The suffering will be horrible and wide spread.

        • No CJ, we haven’t been had, more like victimized by the sheeple who did vote for prezJB. These sheeple can suffer from inflation, shortages, rationing, lower standard of living/quality of life, poverty, and unemployment, and they will still vote for the same people and the same things over and over and over again. Unfortunately, there’s too many of them and they have the potential to drag the whole country down with them. Protect yourself as well as you can, be self-sufficient as you can.

          • Yes, the same sheeple that have called for the internment of the unpoked. And they are the same sheeple that want the police to enforce mask requirements, the same clowns that would segregate unpoked kids into cold rooms without food “for public health”. The same Karens that will assault unmasked people. The same sheeple that will report gun owning neighbors. The same species of sheeple that celebrated Lenin and Chavez over the decades.

        • What next, “Invasion USA” starring Joe Biden as Chuck(y) Norris? The pr(ick)esident is too busy watching (drooling) over children to really worry about this Ukraine BS, – he’s doing what he told to do. This isn’t the first time this has happened, nor will it be the last.

          Watch, Listen, and Learn:

          Comment ID: 4102505
          March 6, 2022 at 3:41 am

          I would like to strongly recommend this video to Michael Snyder:
          The Jimmy Dore Show Published March 3, 2022 215,650 Views US/NATO Provoked Ukraine War Say Most Experts On Russia



      4. On the day Biden was inaugurated I paid 1.79/gal., today I paid 4.29/gal. It’s all for the greater good of course, so hold on to that. In the name of egalitarianism let’s take that to its logical extreme and make it too expensive to buy, that way we all suffer.

      5. The first step in breaking the Nation; in Mid Missouri fuel prices just skyrocketed yesterday – our local Shell station jumping to $3.89/gal gasoline, $4.29/gal Deisel…

        I’m seriously considering that the PTB might – might – actively be considering sacrificing all of North America, thereafter contenting themselves with Russia/China/Africa/South America.
        Brandon Smith lays out a thesis that the PTB wouldn’t chance a full-scale Nuclear exchange since they would want to preserve infrastructure but I’m beginning to wonder if America (North America) might now in their eyes be too tough a nut to crack. Clearly, the Canadians have demonstrated a reluctance to continue blindly living under Trudeau’s Tyranny…and Americans are congenitally, notoriously unruly.
        Is there any specific resource they couldn’t otherwise acquire other than in North America? Russia alone has natural resources so vast as to beggar the imagination. Furthermore Joe Biden and his Crony Congress seem hell-bent on provoking exactly a war that is effectively unwinnable at present.
        I would so appreciate it if “President Poopy-pants” would go back to his basement and let Adults start running things again.


      6. The US isn’t banning Russia, at least not for long, in reality Russia is banning the US. They are planning on placing their currency on the gold standard and/or linking their currency with China. In case you don’t understand what this means, it means a decoupling from the dollar. In case you don’t understand what decoupling from the dollar means it means all those dollars will be coming home greatly stoking much more inflation. If (actually when) China also decouples from the dollar, trillions of dollars will be coming back home triggering ruinous inflation. Russia and China easily by far have the largest gold reserves. All these sanctions are going to boomerang back on to the US.
        There is no doubt even now the Dems. are discussing among themselves that the prez is now in the process single-handedly delivering the biggest Repub. elections victory in history. They know they are going to lose big and that there will be a popular outcry to reverse all the Dem. policies now in effect. The only way to stop it would be do contrive an “national emergency” which they may well try since the prez is Dem., and they still hold the housse and sennate.
        One can see this confused, mentally unfit (selected not elected) prez has not thought about it all. He is merely a rubber stamper for what the globalists / neo-cons want. They hope to irrevocably damage the US before this prez leaves office; economically, financially, geo-politically, socially, and culturally.
        Sooner or later even the Europeans are going to tell the US to f*ck off with the sanctions when the price of nat gas is crippling them. The more this whole this drags out, the more painful it becomes. As the price of fuel goes so goes the the price of EVERYTHING. If it goes on long enough Russia and China will have had time to initiate several changes where they need the West less and less. By the time the US figures out what is going on it may be too late, and we may need them far more than they need us.
        This is what we have for political leadership today, and they call it good gov’t.

        • Good assessment, I generally agree.

          However, the European oligarchs aren’t hurting from Russia sanctions, they’re cashing in and squeezing a few rivals that got too close to Russia out.

          That’s all that matters to the Euro (ig)nobility. They never cared for the peasantry; that’s the way Europe has always been.

          Being able to lay popular blame on the US is useful for plugged-in, inside-track European elites. The WEF are getting what they want.

      7. Better start gathering up that roadkill now. Not too long before there won’t be any more cars on the road.

        • Don’t believe everything you see on those scripted Hollywood “survival shows”.
          You can NOT determine if road kill meat is edible by holding the carcass and shaking it.
          I actually live in the hills in one of the most rural areas in America and nobody here picks up road kill because the vast majority of time the animals gut cavity has been ruptured and feces spoiled the meat.

          • Round here we take the roadway flat snacks and put them in a ziploc in the sun. Couple days and they are full of tasty protein crawling around.

      8. Russia should just shut down ALL exports from Russia for a few months, just to show the world where Russia stands in world trade.

        Everyone is dependent on everyone else for their continued existence these days the same way a river is dependent on every one of the little streams that flow into it to remain a river.

      9. So Russia gets cut off from direct trade with just the West; big deal.

        We’re just coming off an energy glut. The DS needs higher energy prices yet keep Russia from cashing in.

        Europe also needs a way to keep the US interested in defending Africa for them; what better way than to make the US as dependent on Africa as they are for resources.

        Its the loss of rights to COVID-1984 and renewed push for more clotshots that are the real danger.

        A weak economy weakens resistance, but also weakens enforcement capability. They can’t have both.

      10. Seems like I recall Trump saying gasoline prices could increase if Biden was elected.

        Anyone that didn’t believe him should reconsider their position.

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