Scholars: US Ban on Russian Oil Expected to Unleash Hell on Consumers & Upend Dems' Election Odds
President Joe Biden banned imports of Russian crude and gas into the US on Tuesday, thus stepping up the sanctions pressure on the country over Moscow's special operation to de-militarise and de-Nazify Ukraine. What is the US president risking by making this move?
"Putting an embargo on Russian oil will be a nightmare for US consumers as it will send the oil price skyrocketing," says Nafis Alam, professor of finance and head of the School of Business at Monash University Malaysia. "Russia is the world's top exporter of crude and oil products combined, with exports of around 7 million barrels per day (bpd), or 7-7.5% of global supply. Additionally, any embargo will be counterproductive for Russia, as higher oil and gas prices will lead to more profitability for Russian oil firms means more funding to continue the war."
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https://sputniknews.com/20220308/scholars-us-ban-on-russian-oil-expected-to-unleash-hell-on-consumers–upend-dems-election-odds-1093698015.html