The President of the United States of America Joe Biden just announced that as further punishment to Russia for initiating the unprovoked war on Ukraine. He admitted that this will hit hard at fuel prices but also stated that it was a necessary price to pay to ensure global freedom from tyranny in the future. He stated this during a live transmission from the White House, Washington D.C.
President Joe Biden was very clear on his decision on banning Russian Oil. “… We are banning all imports of Russian Oil and gas…we will not be part of subsidizing Putin’s war…the United States produces more oil than the entire European Continent…these steps that we are taking are to inflict further pain on Putin”, he said.
Other multinational companies have indefinitely suspended their operations in Russia as part of efforts to force Russia to end the ongoing unprovoked war on Ukraine. Companies such as Shell, Visa, MasterCard, Nike, Apple, and American Express.
The world consumes 100 million barrels of oil everyday. Russia produces 1/3 of Europe’s energy, and forms 8% of America’s energy imports, and is a major player in energy supply to the world. Therefore, sanctioning Russia will cut off Russian energy supply and this will see a further increase in fuel prices globally.
According to Aljazeera news, the United States of America has agreed to release 60 million barrels of oil to offset the shortage.
By Jerry Wonder