A senator earlier warned Americans must pay the ‘price of freedom’ as oil prices threaten to double
US President Joe Biden has announced a ban on Russian oil imports in response to the ongoing conflict in Ukraine on Tuesday, a move that threatens to send global gas and oil prices even higher than the record-setting costs the commodities are already fetching.
Americans will have to pay “the price of freedom” in the coming weeks as the sanctions are expected to send energy prices soaring worldwide, Senator Chris Coons (D-Delaware) told CNN on Tuesday ahead of the sanctions announcement.
The Democratic senator warned that the price of oil could very well double to $300 per barrel, with gas prices more than tripling to $10-$14 per gallon.
The repercussions from the price shock will be felt worldwide, he continued, as costs continue to surge. Acknowledging that “the strength of our sanctions, of the costs we’re imposing on Putin…are more successful and more sustainable when they’re coordinated,” he praised the administration for working together with Europe on the looming import ban instead of pushing ahead unilaterally.
Coons has previously warned Americans that sanctioning Russian energy production would hurt Western Europe as well as Moscow. He told CNN that success would depend on Washington propping up Europe’s transition to renewable energy and its ability to fill the vacuum left by Russian natural gas supplies with its own liquid natural gas – a commodity the previous administration once memorably referred to as “molecules of freedom”.
“We have to realize that it’s a global integrated market, it is tough to just turn on the taps and increase production quickly – it’s not like phoning up Amazon,” he explained, cautioning “we are going to see increased gas prices here in the US, in Europe they will see dramatic increases in prices, that’s the cost of standing up for freedom and of standing alongside the Ukrainian people. We need to see the cost and benefit here.”
The senator also admitted the White House has been in negotiations with its once-sworn enemies in Venezuela and Iran, two major oil producers Washington is suddenly seeing in a new light for their potential to bail out countries soon to be running on empty in the absence of Russian energy supplies, but argued the focus should be on Canada first. However, he acknowledged Putin “had Western Europe over a barrel” – literally and figuratively – regarding the highly sought-after commodities.
Russia is the second-largest oil exporter in the world, while the US is the largest oil consumer. While Moscow supplies only about 7% of US oil, Europe is much more heavily reliant on the nation for its energy supplies.
Fresh polls claim that Americans are willing to pay more at the pump in order to stick it to Putin. A Quinnipiac survey conducted over the weekend, which found 71% of Americans supported a ban on Russian oil even if it led to higher gas prices. More than half of respondents (56%) even suggested the US hadn’t gone far enough with its sanctions and called for tougher moves.
