Breaking News
Biden Admits that US Ban on Russian Imports will “Cost” American Families
On Tuesday, President Joe Biden said it’s “not true” that his administration is stalling the country’s energy production. He also warned that the United States’ ban on importing Russian oil products will “cost” families in America as the Ukraine-Russia conflict continues.
The president warned on Tuesday that the prices of gasoline will likely “go up further” from what they are today. He also voiced his support for government spending on renewable energy sources once again while criticizing the oil and gas industry for failing to take full advantage of drilling opportunities within the country.
“The decision today is not without cost here at home,” the president warned. “Putin's war is already hurting American families at the gas pump since Putin began his military buildup on Ukrainian borders.”
“And with this action, it's going to go up further,” he went on to say. “I'm going to do everything I can to minimize Putin's price hike here at home in coordination with our partners.”
This week, the Biden administration announced that it would release “60 million barrels of oil from our joint-oil reserves,” with Biden saying that half this will come “from the United States.”
Additionally, Biden maintained that his administration is moving to make sure the “reliable supply of global energy” and that they are using “every tool in our disposal to protect American families and businesses.”
“We understand Putin’s war against the people of Ukraine is causing prices to rise — we get that,” Biden said to “oil and gas companies and the finance firms that back them.”
“But it’s no excuse to exercise excessive price increases or padding profits or any kind of effort to exploit this situation or American consumers,” he added. “Russia’s aggression is costing us all, and it’s no time for profiting or price gouging.”
The president also acknowledged companies “that are pulling out of Russia and joining other businesses that are leading by example.”
“This is a time when we have to do our part and make sure we're not taking advantage,” he stated
In defense of his administration, Biden mentioned that it is “simply not true” that his policies are “are holding back domestic energy production.”
“Even amid the pandemic, companies in the United States pumped more oil during my first year in office than they did during my predecessor’s first year,” Biden claimed.
“We're approaching record levels of oil and gas production in the United States and we’re on track to set a record of oil production next,” he continued, adding that in the United States “90% of onshore oil production takes place on land that isn’t owned by the federal government.”
“And the remaining 10% that occurs on federal land, the oil and gas industry has millions of acres leased — they have 9,000 permits to drill,” Biden added. “Now, they could be drilling right now. Yesterday, last week, last year, they have 9,000 [permits] to drill onshore that are already approved.”
“So let me be clear: they are not using them for production. That’s their decision,” the president said. “These are the facts. We should be honest about the facts.”
Up Next: