We also remain in active conversations with a range of energy producers and energy consumers on further steps we can take to ensure a global supply - a stable global supply of energy. committing about half of that emergency sale. And it led to IEA member countries agreeing to a collective release of an initial 60 million barrels of crude oil from our Strategic Petroleum Reserves, with the U.S. This is the result of intensive, around-the-clock coordination and consultation by President Biden. And let me make three points in this regard.įirst, the administration has already committed to releasing more than 90 million barrels from our Strategic Petroleum Reserve this fiscal year. will continue to mitigate the pain American families feel at the pump and reduce our dependence on foreign oil and fossil fuels. Under President Biden’s leadership, the U.S. Third, in terms of domestic impact, the reality is Putin’s unprovoked and brutal war has led to higher energy prices and raised costs for Americans at home - about 75 cents at the gas pump - since Putin began to amass troops at the Ukrainian border in early November.
And we produced more oil and gas in the first year of President Biden’s term than in his predecessor’s first year.
In fact, we’re a net exporter, the leading oil and gas producer in the world. produces far more oil domestically than any of our allies. First in 2021, Russian oil was just under 10 percent of our overall imports of oil but a third of Europe’s imports.Īs of last year, Europe imports more than six times more oil from Russia than we do - about four and a half million barrels for Europe versus seven hundred thousand barrels of oil for the U.S. And we recognize that not all of our Allies and partners are currently in a position to join us.Īnd specifically, let me maybe add two points of detail on this point. The United States is able to take this step because of our strong domestic energy production and infrastructure. Second, in taking this action, we consulted with European allies closely, but we do not expect them and did not ask them to join us. investment in Russia’s energy sector, which will ensure that American companies and American investors are not underwriting Putin’s efforts to expand energy production inside of Russia.Īnd finally, Americans will be prohibited from participating in foreign investments that flow into Russia’s energy sector. Let me give you some details on the mechanics, our consultation with allies, and also the domestic implications.įirst, in terms of mechanics: Our ban blocks any new purchases of Russian crude oil and certain petroleum products, liquefied natural gas, and coal, and winds downs the deliveries of existing purchases that have already been contracted for. This is a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to fund his needless war of choice. Today, President Biden signed an executive order to ban the import of Russian oil, liquefied natural gas, and coal to the United States. And there’s broad support across the country for degrading the strength of Putin’s economy and war machine through energy exports. I’ll make a few comments and happy to take your questions afterwards.Īmerica is united in its resolve to stand up to Putin. SENIOR ADMINISTRATION OFFICIAL: Okay, thanks. So, with that, I’m going to turn it over to for some quick remarks, and then we can take some questions. For your awareness and not for reporting, the speaker on this call is. This call is on background, attributable to a “senior administration official,” and embargoed until the call concludes. So this is a background press call on the President’s announcement earlier today on the steps we’re taking to hold Russia accountable. MODERATOR: So thanks, everyone, for joining on short notice.
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