By Jane Meagher
Most Americans celebrated that President Biden banned Russian oil imports. It’s an important step in stopping the flow of dollars into Russian coffers, funding their invasion of Ukraine. But without Biden also reversing his regulations on oil and gas here in the US, the move will backfire. China and India (who don’t care about climate change) are happy to pick up the slack and purchase the excess oil from Russia. So, Putin doesn’t don’t lose much. It’s you and I who will suffer greatly next time we go to fill up our gas tanks. The price is going through the roof, and it’s going to get a lot worse. It’s the law of supply and demand. With less oil available, prices rise. The only solution is to dramatically increase the supply of oil and gas we produce here in the US. With new technologies, we have enough oil reserves to last for hundreds of years. If the US flooded the international oil markets, the price would come down, not just here, but worldwide. The EU countries could turn away from Russia and purchase their energy from us, reducing their reliance on Russia. As prices go down, it hurts Putin as Russian oil is no longer so valuable. Fewer dollars would flow to them. If we become the world’s oil and gas superpower, it would go a long way to promote peace. And gas would once again become affordable to middle class America.