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As oil prices skyrocket due to the Russia-Ukraine battle, Head of state Joe Biden is still rejecting to quit acquiring Russian oil.

Instead, the management mores than happy to just keep sanctioning Russian banks as well as oligarchs, wishing that will work.

The White House protests the concept of outlawing Russian oil imports and warned that doing so might further raise the currently high gas rates, Capital reported.

“Our goal and the president’s goal has actually been to make the most of effect on Head of state Putin and also Russia while lessening impact to us as well as our allies and companions,” White House press assistant Jen Psaki claimed at an instruction.

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So the U.S. will maintain buying Russian oil, however sanctioning everything else, like the individual oligarchs, wishing that the sanctions will paralyze Russia enough right into stopping the war on Ukraine.

Oil exports are Russia’s financial lifeline, as Russia is the world’s biggest oil exporter.

Fossil fuels make up about 60 percent of the nation’s exports. Russia was the world’s third-largest oil producer in 2020. It created about 11 percent of the world’s complete oil, Time publication reported.

Russia’s main consumers are Europe, which takes up around 60 percent Russian oil exports, as well as China, that makes up about 20 percent, capital reported.

The united state, on the other hand, only makes up concerning 3 percent of Russia’s oil exports, Statista reported.

So the united state really does not really rely much on Russian oil. In 2014, only regarding 8 percent of American oil imports came from Russia, the Wall Surface Street Journal reported.

It doesn’t make good sense that Biden is so reluctant to remove oil from Russia. Sure, offering Russian oil the American boot would not cripple Russia overnight (it’s a 3 percent distinction), yet declining to permission it does not make much feeling, either.

Yes, if Russian oil is removed, gas rates might rise a bit, yet not to expensive levels. Besides, they are already high due to international panic over the battle. Maintaining Russian oil imports is not going to magically make …


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