Russian oil, energy dependence and the U.S. ban

Listen 49:00
Gas prices are shown Monday, March 7, 2022, in Tumwater, Wash. (AP Photo/Ted S. Warren)

Gas prices are shown Monday, March 7, 2022, in Tumwater, Wash. (AP Photo/Ted S. Warren)

President Biden banned Russian oil and natural gas imports Tuesday, calling the step a “powerful blow to Putin’s war machine.”  Global oil prices have been surging in recent weeks, and the cost at the pump in the U.S. now exceeds $4 a gallon. While Russia provides around 3% of the crude oil used in the U.S., Europe is far more dependent for their energy needs, and Putin has threatened to cut them off. This hour, can the West survive without Russian energy, and what impact will this ban have on Putin’s war, the U.S. and the global economy?

Guests

Nikos Tsafos, James R. Schlesinger Chair in Energy and Geopolitics with the Energy Security and Climate Change Program at the Center for Strategic and International Studies @ntsafos

Meghan O’Sullivan, Director of the Geopolitics of Energy Project at Harvard University’s Kennedy School @osullivanmeghan

Recommended reading

Associated Press, EXPLAINER: What does a US ban on Russian oil accomplish?

Washington Post, Opinion: $4 gas is here. Facing down Putin is worth the price.

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