It's time for Joe to break his campaign promise and end his U.S. oil embargo.
Wall Street Journal (3/8/22) editorial: "President Biden made the right decision Tuesday in banning Russian oil and natural gas imports. Yet at the same time he declared full-steam ahead on his green energy 'transition' that includes an assault on U.S. fossil fuels. The contradiction is maddening. Banning Russian energy imports is fine as far as it goes, which isn’t very. The U.S. imports only 3% of its petroleum supply and less than 1% of coal from Russia. About 70% of Russian oil currently can’t find buyers because of sanctions risk. That’s the main reason crude prices have shot up to $130 per barrel...If that’s the worry, then here’s a better idea: Stand at the White House and declare that his Administration will support the development of U.S. oil and gas. Rescind all regulations designed to curb production, development and consumption. Announce a moratorium on new ones. Expedite permits, and encourage investment. Our guess is the price of Brent crude would fall $20 a barrel in anticipation of higher production. Yet Mr. Biden is doing precisely the opposite. On Tuesday he even blamed U.S. companies—not his policies—for not producing more. There are 9,000 available unused drilling permits, he claimed, and only 10% of onshore oil production takes place on federal land. Talk about a misdirection play."
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"No more subsidies for the fossil fuel industry. No more drilling including offshore. No ability for the oil industry to continue to drill period. It ends."
– Joe Biden, March 2020
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