- SARA CARTER - STAFF - MAR 8, 2022 -
On Tuesday President Joe Biden announced the United States will place a ban on all Russian oil imports as punishment for its invasion of Ukraine. Biden said, “that means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine.”
Biden’s remarks, given at the White House, are not pleasing everyone. ConocoPhillips CEO Ryan Lance said Biden’s move to ban all Russian oil imports is “the stupidest thing you could ever imagine.”
“It is incredibly shortsighted and may actually have the opposite effect of what they think will happen” added Lance who warned how imports and exports allow for the global crude community to be “interconnected” and can produce price stability.
Lance also lamented about how the world has not given the energy industry due diligence until the Russia invasion of Ukraine began. “I think it’s starting to ramp up, unfortunately I couldn’t have said that two or three weeks ago. I think wasn’t much conversation going on with our administration and in our industry” said Lance.
“Certainly, I’ll speak for myself and our company, but I think that has ramped up as sort of this whole conversation around national security and energy security is clearly moving, moving to the forefront” he added.
The U.K. is also expected to announce plans to ban Russian oil as well. The ban will include a months-long lead-in time to allow the global market to adjust, and avoid panic-buying gas, reported Politico.
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