{"id":92621,"date":"2022-03-09T09:58:55","date_gmt":"2022-03-09T08:58:55","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=92621"},"modified":"2022-03-09T09:58:55","modified_gmt":"2022-03-09T08:58:55","slug":"ukraine-war-prices-of-crude-oil-may-hit-300-as-biden-bans-russian-oil","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/ukraine-war-prices-of-crude-oil-may-hit-300-as-biden-bans-russian-oil\/","title":{"rendered":"Ukraine war: Prices of crude oil may hit $300 as Biden bans Russian oil"},"content":{"rendered":"<div dir=\"auto\">U.S President Joe Biden on Tuesday announced that the United States would no longer allow for the importation of Russian oil, the latest sanction to punish Russia following the invasion of Ukraine.<\/p>\n<p>Biden who announced the sanction from the White House said Russian oil would no longer be accepted at U.S. ports.<\/p><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The oil embargo, Biden said, would target the main artery of Russia\u2019s economy.<\/p>\n<p>\u201cThe ban on Russian oil and gas has strong bipartisan support in the Congress and in the country.<\/p><\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cAmericans have rallied to support the people of Ukraine and made it clear we will not be part of subsidizing Putin\u2019s war.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\u201cThis decision today is not without costs here at home. Putin\u2019s war is already hurting American families at the pump \u2014 and this will drive up costs further.<\/div>\n<div dir=\"auto\">\n\u201cSo, I will take every step we can to minimise Putin\u2019s price hike here at home,\u2019\u2019 he said.<\/p>\n<p>Experts have, however, warned that oil prices may soar to an unprecedented rate following the US ban.<\/p>\n<p>Recall, Russian President, Putin warned in a video broadcast that oil prices may hit $300 if the west imposes sanctions on the Russian energy sector.<\/p>\n<p>To mitigate the effect, The U.S. president assured allies that in coordination with our partners, we had already announced a collective release of 60 million barrels of oil from our Strategic Petroleum Reserves\u2014 half of that from the United States.<\/p>\n<p>\u201cWe\u2019re taking steps to ensure a reliable supply of global energy. And we\u2019re going to keep working with every tool at our disposal to protect American families and businesses.<\/p>\n<p>\u201cLet me say to the oil and gas companies and finance firms that back them: We understand that Putin\u2019s war against the people of Ukraine is causing prices to rise.<\/p>\n<p>\u201cBut that is no excuse for excess price increases, or padding profits, or any kind of effort to exploit this situation,\u2019\u2019 he said.<\/p>\n<p>The British government has equally imposed sanctions on the Russian oil, vowing not to purchase crude from the Eastern European country. Putin has since described West sanctions on Russia as a declaration of war.<\/p>\n<div class=\"yj6qo\"><\/div>\n<div class=\"adL\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>U.S President Joe Biden on Tuesday announced that the United States would no longer allow for the importation of Russian oil, the latest sanction to punish Russia following the invasion&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":92197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-92621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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