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Growing calls for ban on oil imports from Russia l GMA

   March 12, 2022  27 Comments on Growing calls for ban on oil imports from Russia l GMA

Rebecca Jarvis reports on the economic impacts the war in Ukraine is having on U.S. energy prices.

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Russia-Ukraine live updates: https://abcn.ws/3HNuvD0

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27 thoughts on “Growing calls for ban on oil imports from Russia l GMA”

  5. I'm definitelly for banning of russian oil. EU and USA must find the replacment for russian oil and devastate russian war machine completelly.

  6. Oil ban : Paying more is better than get people killed. Every extra dollar we pay safe life in Ukraine. Our saving should not come from Ukrainian blood.

  7. A ban of Russian oil imports would mean higher oil prices for the US. It will mean higher inflation in the US and EU. It will also mean higher manufacturing costs, which will make US products harder to export. It will mean more income for Russia as oil prices rise worldwide. In contrast just pushing US oil E & P companies to produce/develop more oil will push oil prices down in the US especially, but all over the world including Russia. This will mean less Russian oil income. It will mean a US advantage in manufacturing costs with lower WTI prices. This should help the US economy. The extra development monies the oil E & P companies spend drilling and producing the oil should provide more jobs. If we have a recession coming on because of this war, more jobs will be good. Lower oil (and gasoline) prices will help. People want to retaliate against Russia; but they are economic idiots in their choice of tactics when it comes to banning Russian oil imports. I sincerely hope the public and the Congress get a clue before they do this disastrous strategy.

    On top of this, the US and EU need to be able to use a possible ban of oil exports to China (about 10 million bopd of imports) to discourage the Chinese from attacking Taiwan. If Russia starts shipping all of its exported oil China (about 5 million bopd) that would make any ban of export of oil to China less effective. The undesired Russia to China exports would already be in place. Putin is already uncontrollable; but Putin would not likely want to destroy all Russia's normal oil trade on a whim. A ban of Russian imports would hurt those who export oil to China currently — worsen the coming recession for them. It would also align Russia and China against most other countries. This would not likely be a good thing. I could go on; but more would probably just dilute what I have already said.

  9. No need to place an oil ban for Russia, the current Sanctions are doing the desired damage to the Russian economy. There is no need to hurt aur own economies beyond the inflation brought about by the Pandemic. Keep the pressure on Putin and the Oligarchs by declaring the Sanctions will be long standing.

  12. It's time to de-esculate the situation. Banning oil is unnecessary when there's all already enough sanctions as there can be without it starting to harm ourselves greatly.

  14. Any American politician who supports buying oil from our enemies Russia Iran Vemizualia and to not allow American energy to once again make us energy independent needs to explain why they are not traitors and should not be tried as such. Hope and pray for everyone to see the light and do the right things for everyone not just themselves. My opinion

  19. In the last 7 years, I've spent $0.00 on gasoline. No car. I walk. Cost of walking: $0.00 per mile. The only drawback is that you get healthier with the exercise.

  21. it's only 3% of imports and is probably used at the Russian owned LUKOIL Gas Stations
    which exists along a corridor from Maryland to NYC

  27. What is the US Secretary of Energy doing about the gas price inflation? What is the strategic oil reserve for? DO YOUR JOB! NOW!

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