The measurement caused a rebound of crude prices but should not destabilize the market in the United States, the world’s first hydrocarbon producers. For American tankers, called to produce more, it’s a revenge.
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Joe Biden decided Tuesday, March 8 to prohibit the import of Russian oil and energy production, accentuating US sanctions against Moscow after Ukraine’s invasion. “The United States targets the main artery of the Russian economy,” announced the president during a speech at the White House, signing a presidential decree while the Congress was about to vote a similar measure.
The United States will give businesses forty-five days to terminate Russian energy supply contracts, specified the White House. The decree prohibits any new US investment in the Russian energy sector and prevents Americans from financing foreign companies that invest in the sector. The impact of the measurement on petroleum groups as TotalEnergies that did not withdraw from Russia remains to be specified. Many American companies like EXXON had removed spontaneously at the beginning of the conflict.
Joe Biden’s announcement is a strong signal, which caused a rebound of crude classes, the Texas listed barrel exceeding $ 125. This unilateral decision without the European allies, under domestic political constraint, puts extra pressure on the old continent so that it renounces the Russian energy, of which it is massively dependent, with the notable exception of the British who nodded the not to the Americans.
“Throw this step where others can not”
m. Biden had to recognize that “many of our European allies and partners may not be able to join us. The United States produces a lot more oil in their territory that all the European countries together. We can take this step where others can not “. The President clarified that he worked with Europeans “to reduce their dependence on Russian energy”. The solution, which would make the game of the United States oil industry, partly passes through American liquefied natural gas deliveries. But it runs up in the short term to the insufficiency of infrastructure, particularly in Germany to disembark the gas.
The American strategy, it was the miracle of hydraulic fracturing exploitation, which made the country’s largest worldwide producer in the country, in front of Russia and Saudi Arabia. The technique has not been developed in Europe because of its environmental attacks. Result today, US exports of hydrocarbons slightly exceed imports, thanks to an annual local production of 6 billion barrels.
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