Biden announces ban on Russian oil imports, other energy products

Bully for you. So, because you had a plan, everyone else has to live by your dictate? Really? Here's a thought though, prices are driven by speculators who are terrified right now watching Joe crash aimlessly into the wall at every turn. Demand isn't creating that dynamic, Joe is. So, by not acknowledging the damage Joe is actually doing to stable markets, you're suggesting that he can do as much damage as what? Enough to get folks to drive what you think are more economic cars? Cause that makes you quite the little dictator huh... You must be a volkswagen person. Why not just drive a Schwin....

 

Source your claim that there is a "heavy discount"... If you're referring to a negotiated contractual price, show where that price was heavily discounted...

 

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joe is making oil cost more in Ireland? Lol

 

Currently Russian crude is discounted. Shell stocked up and then said they were stopping buying more. < RICH!!!
This is really a symbolic move.

Shell defends decision to buy discounted oil from Russia
Ukraine crisis: Russian oil companies offer big discounts to India
Russian oil sells at deep discount on Ukraine crisis

 

In just TWO DAYS his statements are no longer operable? As I said the gang that couldn't shoot straight.

 

Go ahead............

 

Where does Ireland get their oil from? They have to pay the speculative spot price unless they have long term contracts. Biden is fueling the speculation bubble. And it's hurting folks in Ireland just as much as it is hurting folks in the US. Of course he isn't alone. Obviously his benefactor in this are places like Saudi, Iran, Venezuela. All cash starved places where oil revenue bumps would be appreciated. Or was that not supposed to be publicly discussed yet....

 

It's going to be a hard year on the Biden. And there isn't an end in sight to the crisis' he's going to now have to face because he's been so demonstrably incompetent.

 

Many European countries rely on Russian oil for survival. We've already beefed up our purchase on Iranian oil. It is unlikely that Biden will lift his domestic oil and gas restrictions. There is pain of the American people and then there is the leftist Democrat agenda. Not a hard decision for Biden.

 

I don’t know if you haven’t noticed but the market is forcing it. Nations are not producing enough for demand either due to environmental concerns, attempts to manipulate the market or cost.

 

Hmm.. your superficial view doesn't also seem to include the number of nations who have dramatically sanctioned their own outputs to continue to create this artificial scarcity that you then latch onto as somehow real. So why not just admit that the markets are being manipulated at this point. The truth will set you free..

 

I am sorry, what do you not comprehend about the “attempts to manipulate the market” in my post. Let me know what word you have difficulties with and I will try to revise it.

It doesn’t matter if the supply is artificially limited or not — all that any of us can do is make intelligent moves to negate those forces.

Or we can whine about it on the internet, you do you.

 

Now I will be humble enough to say international economics is not a topic I am going to be giving a seminar on here, and I don't normally obsess about an 'America First' approach to foreign policy because I think it shortsighted and a tad too selfish for my views(it was the sort of lens that drove us to deny our shores to vessels containing Jewish refugees from Germany in the late 30's as imprudent) but its twisted for our govt to discuss how sanctions might harmfully impact Russian civilians and innocents with hardhsip, and turn a blind eye towards our own citizens, especially the least economically mobile ones. There is no 'plan' hanging in the wings yet to offset or mitigate the damage inflation is having right now, so heaping fuel on that fire is irresponsible.

its just the worst possible time for this with raging inflation already here, and the potential benefits as a Russian deterrent seem so ephemeral when most of our partners are on record as not cooperating.

I am very skeptical.

 

So by producing the same amount of oil as in 2020, and more than in 2017 and 2018, were causing higher prices?
Since 90% of our oil comes from private land why don’t they just drill more?

 

You need better lies, since that's all you have.

What's driving prices right now is Putin's war.

 

Did I say that no matter what Biden did, there would be people like you taking hyper-partisan potshots just like this one? You folk were already pouncing on his sanctions as ineffectual before you knew what they entailed - when you weren't dragging up Hunter Biden, that is!

You are dismissed as representative of very worst of American 'punishers' You have a particular passion for cruel indifference that is reflected in every post you type.

 

Normally I would agree except literally every gale of wind in the American economy is blowing the same direction towards out of control inflation and nobody has a plan to mitigate its impact on the working poor, or fixed income dependent.

And this is us pretty much going it alone. Its not going to impact Russia when there are so many ready markets to buy that same product.

 

I don't disagree on anything in particular.

I think there is an argument to be made for calculating whats more important- Ukrainian resistance to the Russian regime or the welfare of our own citizens? If funding both sides of a war is wrong (and it certainly is), and further unburdening our own most financially vulnerable with higher gas costs is wrong (I think it is), perhaps Ukraine really isn't the priority we're making it out to be. I for one can afford higher gas prices, so its easy for me to say 'support Ukraine.' But do I have more of an obligation to help prevent Ukraine from being dominated by Russia, or do I have more of an obligation to prevent my own countrymen from being destituted by a war on the other side of the planet?

I havn't decided. But nationalism is at the very heart of the issue.

 

We could have it both ways: pump our own oil to self sufficiency AND stop buying oil from Russia. But Biden won't, because of...climate. When WWIII starts and most of us are dead, I bet it will be a big satisfaction that we made half a percent of difference in the climate.

However, he will make a deal with terrorist countries in the middle east so we can buy their oil.

 

Except, the vast majority of vehicles are gas-supplied. We are not moving towards electronics/natural energy in peace time but in a self-created economic crisis. Thanks President Biden, your incompetence shows daily. 2022 and 2024 baby!

 

You left out political pressure and regulations. Note the date, long before Putin invaded Ukraine and one official predicting $150 a barrel price back then due to Biden policies.

Biden's renewable energy rush is making gas prices skyrocket
BY BRYAN BASHUR, OPINION CONTRIBUTOR — 12/13/21 01:01 PM EST

The Biden administration exacerbated the inflation of gas prices by both restricting the supply of oil and pressuring banks and asset managers to divest from traditional energy projects. The result of these flawed policies is weakened purchasing power for consumers and more reliance on foreign countries to keep the United States powered.

President Biden is restricting America’s ability to produce its own oil and is instead relying on foreign countries, some of which have governments run by totalitarian regimes, to produce more oil to lower gas prices. Biden’s decision to cut off avenues for more domestic supply of oil by canceling the Keystone XL pipeline and limiting exploration on federal lands and waters gives the Organization of the Petroleum Exporting Countries (OPEC) significant leverage over American energy consumption. ...

....
In October, Blackstone CEO Stephen Schwarzman stated that part of the reason why energy prices are so high is that financing for fossil fuel companies is “almost impossible” to attain. Moreover, BlackRock CEO Larry Fink also admitted that policies that restrict the “supply of hydrocarbons has created energy inflation” and that it is not transitory — in fact, it may stick around for a long time.

Additionally, Christopher Wood, Global Head of Equity Strategy at Jeffries, told CNBC that the mismatch between demand and supply for energy could get worse. Wood states that the issue is the “oil price is gonna go higher in a fully reopened world because nobody’s investing in oil but the world still consumes fossil fuels.” Wood went so far as to say that in a “fully reopened world, the oil price could go to $150 dollars.”

The rise in prices can be attributed to political pressure from the administration to reel back oil and gas production. Wood claims that the “political attack” on oil and gas “has removed the incentive for investment in the sector despite its lingering importance.”

According to Western Energy Alliance President Kathleen Sgamma, oil and gas producers are unable to access capital, because the Biden administration is “putting so much pressure on banks not to lend to us in the name of climate change.”

State officials from across the United States are fed up with politics seeping into investment decision-making. The Federalist obtained a letter sent by 15 state financial officers threatening to remove $600 billion worth of assets under management by U.S. financial institutions if they continue to discriminate against oil and gas investments. The letter explains how the Biden administration is choking off capital to oil and gas.....
https://thehill.com/opinion/energy-...le-energy-rush-is-making-gas-prices-skyrocket

 

I am not going to say Biden is not partially at fault but between the record profits at the fuel companies, global instability, supply chain issues and foreign nations refusing to increase supply from when the previous administration negotiated a reduction I would say his contribution is marginal.

I had not heard about the banks being pushed by Biden to not lend — I will have to read up on that but it does appear to only impact overseas lending following moves by out allies to do so.

 

" The Federalist obtained a letter sent by 15 state financial officers threatening to remove $600 billion worth of assets under management by U.S. financial institutions if they continue to discriminate against oil and gas investments. "

This is domestic
Biden has done this from day one to cut production and penalize use in order to satisfy his green new deal base. Prices began going up LAST MARCH soon after he began instituting his policies on us.

 

I agree with you if our European allies don't follow suit ASAP... If they don't, this could easily backfire on this administration....

But it's a seriously ballsy call.

 

Yeah, speaking of "straight shooters", can you point out where Blinken or Biden say they WOULDN'T do this??

Ouch!

2 days is a reasonably long time in a crisis... things change, so do actions, for those not digging themselves in to a single position...