President Joe Biden announced Tuesday the U.S. is banning Russian oil imports, hoping to expand the toll the Russian government will feel after invading Ukraine. Biden acknowledged Americans will feel the burden of this ban at the gas pump.
“We will not be part of subsidizing Putin’s war,” Biden said.
The action follows pleas by Ukrainian President Volodymyr Zelenskyy to U.S. and Western officials to cut off the imports, which had been a glaring omission in the massive sanctions put in place on Russia over the invasion. Energy exports have kept a steady stream of cash flowing to Russia despite otherwise severe restrictions on its financial sector.
Nationally, Biden said, gas prices have already gone up an average of 75 cents a gallon since the invasion.
“Putin’s war is already hurting American families at the gas pump,” Biden said, adding, “I’m going to do everything I can to minimize Putin’s price hike here at home.”
According to GasBuddy, Bellingham gas prices have seen an average increase of about 25 cents since the beginning of the month, with Tuesday’s prices averaging a record high of $4.50 a gallon for regular gasoline. Since Feb. 1, gas prices have risen an average of 55 cents a gallon. Tuesday, a pump in Fairhaven was $4.74.
Biden warned that Americans will see rising prices, saying, “Defending freedom is going to cost.”
He also cautioned the U.S. energy industry against “excessive price increases” and exploiting consumers.
Biden said the U.S. was acting in close consultation with European allies, who are more dependent on Russian energy supplies and who he acknowledged may not be able to join in immediately. The announcement marked the latest Biden attempt at cutting off Russia from much of the global economy and ensuring that the Ukraine invasion is a strategic loss for President Vladimir Putin, even if he manages to seize territory.
In 2021, the U.S. imported roughly 245 million barrels of crude oil and petroleum products from Russia — a one-year increase of 24%, according to the U.S. Energy Information Administration.
This story includes reporting from Associated Press reporters Zeke Miller, Mike Balsamo and Josh Boak.
