With Oil Prices Climbing, US and World Still Dependent on Russian Energy

Contact Your Elected Officials
The Epoch Times Header

As Russiaโ€™s invasion of Ukraine continues, the global economyโ€™s continued reliance on Russian oil and gas has prompted a wave of policy responses alongside pushback from U.S. lawmakers seeking to halt imports and boost domestic production.

Brent crude, a key international benchmark, has surged since the invasion began on Feb. 24, rising from under $97 per barrel to more than $107 per barrel as of March 1.

At 524 million tons in 2021, Russia produces more oil than any country other than Saudi Arabia and the United States.

The International Energy Agency reports that top destinations for that oil include OECD Europe and China, which receive roughly 60 percent and 20 percent of Russian oil exports, respectively.

The United States crude oil imports from Russia more than doubled last year, rising to an average of 209,000 barrels per day in 2021 from a daily average of roughly 76,000 barrels in 2020,  according to data from the Energy Information Administration (EIA).

In November 2021, Russia supplied 595,000 of the nearly 8.5 million barrels per day of crude oil and products imported by the United States, according to the EIAโ€”fully 7 percent of those imports.

Sean Strawbridge, CEO of the Port of Corpus Christi, Texas, the countryโ€™s dominant crude oil export hub, said the United States imported more Russian crude to replace Venezuelan heavier crudes after Washington sanctioned Venezuelaโ€™s state-owned oil company PDVSA.

Many refineries along the U.S. Gulf Coast are designed to handle heavier crudes rather than the lighter ones coming out of the Permian Basin in the southwestern United States.

โ€œWhat we hope to see is more American refineries retool, to be able to refine the lighter, sweeter crude, but those are more expensive feedstocks,โ€ said Strawbridge.

He told The Epoch Times that current U.S. sanctions wonโ€™t do much because they allow Russian oil and gas to continue flowing.

Byย Nathan Worcester

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Hereโ€™s What the USโ€™ Security Guarantees For Ukraine Might Look Like

Western security guarantees for Ukraine are one of the main issues delaying a political resolution to the conflict. Russia launched its SMO primarily in response to NATO-emanating threats from Ukraine.

The Cost of Anger

I will not write much here. There are no words I can say. I only wish to remember those forgotten casualties, the unseen cost of the current antagonism in America.

Another Mass Trans Shooter Not to be Discussed

Robin (Robert) Westman was identified by police as the suspect behind a shooting at a Catholic school that left two children dead and 17 others injured.

AI Techno-Hell Roundup: The Birds and the Bees

In addition to total supplantation of human labor, AI is also doing a number on homo sapiensโ€™ psychological welfare โ€” seducing lonely techno-serfs.

Flagged for Burning

Trump ordered AG to enforce laws against flag desecration focusing on flag burning linked to violent crimes, property destruction or other illegal activities.

Child Who Shielded Friends During Minneapolis School Shooting Praised by Officials

Officials praised children at Annunciation Catholic School in MN who put themselves in harmโ€™s way to protect their friends during a mass shooting.

TransUnion Reports Data Breach Affecting 4 Million American Consumers

TransUnion LLC, Chicago-based credit-reporting firm, announced a data breach involving personal information of 4.4 million consumers throughout the US.

Trump Suggests Holding Republican National Convention in 2026

President Trump may call on the RNC to host a Convention midway through his presidential term, sometime before congressional elections in 2026.

US Economy Grew 3.3 Percent In Q2, Beating Prior Estimate

U.S. economy expanded at a 3.3% annualized pace in second quarter of 2025 with rate of growth exceeding earlier estimate and signaling economic strength.

US Tariff Exemption for Low-Cost Imports Has Ended

On Aug. 29, the United States ended a trade policy that facilitated the shipment of low-value goods into the country for years.

Trump Says He Will Protect Social Security Amid Potential Congressional Cost-Cutting Proposals

Trump said his admin will protect Social Security and Medicaid, when asked which programs he would want to see cut in a congressional reconciliation bill.

Trump Admin Asks Military Base Near Chicago for Support on Immigration Operations

Naval Station Great Lakes was asked by DHS for โ€œlimited support in the form of facilities, infrastructure, and other logistical needs to support DHS operations.

DHS Proposes Revamp of Student and Exchange Visas, Citing Fraud and Abuse

The Dept of Homeland Security on Aug. 27 posted a draft version of proposed changes to temporary visas for overseas students and exchange visitors.
spot_img

Related Articles