While some lawmakers in Washington, D.C., are pushing for a ban on imports of Russian oil and petroleum products into the U.S., such a move likely wouldn’t have a huge effect on prices for Americans, according to one analyst.
“A ban on Russian crude and product imports would have a limited impact on prices, given flows of Russian energy to the U.S. are small in terms of total deliveries, and alternative sources could be found,” said Matt Smith, lead oil analyst for the Americas at data firm Kpler, in an email to MarketWatch.The U.S. imported over half a million barrels per day of Russian crude and petroleum products last year, amounting to about 7% of total U.S. imports, according to Smith.
House Speaker Nancy Pelosi on Thursday threw her support behind a Senate bill that aims to ban the import of Russian oil and petroleum products into the U.S., as part of the Western response to Russia’s invasion of Ukraine. Similar legislation has been introduced by Democratic Sen. Ed Markey of Massachusetts. “We cannot stop Putin with Russian gas in our cars,” Markey said in a statement on Tuesday, referring to Russian President President Vladimir Putin.“We don’t have a strategic interest in reducing the global supply of energy,” White House press secretary Jen Psaki told reporters Thursday at a daily briefing. “Less supply raises prices.
U.S. officials have been indicating that Russian energy exports won’t be targeted by sanctions, but analysts have warned that they still could feel hits due to sanctions affecting payment transactions, Russian banks and possibly the insurance that covers Russian oil and gas deliveries.
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