The Biden administration announced a ban on oil imports from Russia, in response to the invasion of Ukraine. CEI experts reacted to the decision.
Director of CEI’s Center for Energy and Environment Myron Ebell said:
“Any ban on Russian oil imports will harm the economy unless combined with a U-turn in President Biden’s disastrous anti-energy policies, which have already contributed to much higher gasoline prices. The Biden administration should begin by undoing every action they have taken to reverse the Trump administration’s energy abundance agenda. If President Biden is unwilling to take the steps necessary to unleash American and Canadian oil and gas production, then banning oil imports from Russia is likely to lead to further sharp increases in gasoline prices and thereby could end up hurting American consumers more than it deters Russian aggression.”
Senior fellow Mario Loyola said:
“The sudden outbreak of war in Europe is a devastating blow to energy markets already reeling from the supply chain crisis and from the Biden administration’s anti-energy policies. With gasoline prices rising to levels Americans have never seen before, American energy security has become more urgent than ever. The Biden administration must reverse course and embrace market-driven energy security, including both short-term and long-term measures. These include accelerating oil and gas extraction from federal onshore and offshore, and the permitting and construction of critical infrastructure such as pipelines.”
Senior fellow Ben Lieberman said:
“Whether or not it makes sense to ban Russian oil, it never made sense for President Biden to crack down on domestic production, which is what he has done over the last year.”