Howling about the US Importing Russian Oil? Here Ya’ Go…
Besides blaming Biden for the rise in gasoline prices (which is false), right wing media is now howling about how the US has increased its imports of Russian oil in recent years. We have indeed increased our imports of Russian oil, but most of it is actually not crude oil, but unfinished component products for making gasoline and diesel. Why? Interesting you should ask – imports of Russian oil and products increased when Venezuelan crude and products were banned by a US president. Biden, you ask? Nope – TFG. In 2019. At the time strongman Nicolas Maduro had seized the presidency of Venezuela after the election, and TFG’s handlers saw an opportunity to connect Democrats with “leftists” in Venezuela, attracting votes from a growing population of Venezuelans in Florida, and banned imports of the country’s crude and products. All that accomplished was drive Maduro into the arms of Putin, AND forced US refiners to increase Russian imports to replace the lost Venezuelan product and keep supply of motor fuels flowing into US markets.
Since the war in Ukraine started, the Noise Machine has been howling about how Biden is responsible for rising prices and “increasing dependence” on Russian crude, which is all bullshit. Even at it’s peak, Russian product has only made up about 4% to 8% of total imports into the US, and only about 2% of US consumption. This is all a tempest in a teapot trying to blame the Biden administration for the price and demand crunches that exist through no direct actions of Biden, or any other president, for that matter.
The global energy markets are made up of millions of players in every energy consuming state. The US government does not control US production which is controlled by private companies navigating shifting sands of economies, investors, and consumers. Today, the Washington Post published a really good explainer of how gasoline prices are determined and worth the time of anyone not familiar with how the oil and gas industry actually works.