Which Side Is This President On?
Banks in the memo says he president has crippled U.S. energy producers with measures like the discontinuation of the Keystone XL Pipeline, while simultaneously handing Putin upwards of $70 million a day for Russian energy – which accounts for roughly 10% of the U.S. energy supply.
However, Biden sanctioning or banning Russia oil would result in U.S. gas prices surging even higher than they now are.
“Putin’s war of aggression in Ukraine is an energy war. And, thanks to Joe Biden, America is unprepared to fight it. We are energy vulnerable,” Banks argues in the memo.
“The Biden administration must work with allies to hit Putin where it hurts: the energy sector. The U.S. continues to import an average of 209,000 barrels per day (bpd) of crude oil and $500,000 bpd of other petroleum products from Russia, which continue to provide Putin with billions of dollars to offset the effect of sanctions. Canada has already announced that it will ban imports of crude oil from Russia.”
The GOP argument also appears to be gaining bipartisan support.
Sens Joe Manchin, a West Virginia Democrat, and Lisa Murkowski, an Alaska Republican, each from energy producing states, will soon introduce a bill to ban Russian oil imports.
The bill will reportedly emphasize the recent Capitol Hill refrain that: energy security is national security, and continuing the massive Russian oil imports puts U.S. “national security at risk and [supports] Putin’s ability to stay in power.”