Possible Ban on Russian Oil Imports Gaining Momentum

The price of oil has increased more than six-fold since the low point early in the pandemic. The Washington Post says oil prices haven’t been this high since the financial crisis of 2008. Prices continued higher on Monday as fears the United States and its allies in Europe are considering possible bans on imports of Russian crude. The White House said last Friday that it’s weighing a ban on imports of Russian oil. The possibility is officially before Congress as West Virginia Democrat Joe Manchin and Alaska Republican Lisa Murkowski introduced a bill that would ban American imports of Russian oil. U.S. lawmakers on both sides of the aisle are pressuring the White House to hit Russian President Vladimir Putin where it hurts the most by imposing sanctions on Russia’s massive energy sector. “I’m all for that,” said Speaker of the House Nancy Pelosi during a recent press conference. “Ban it.”

***This all comes as Shell announced on Tuesday morning it was halting all purchases of Russian oil and gas and closing it’s service stations in the country. We will continue to follow this story as it develops.***

Related articles

Thursday and Friday, November 24th and 25th, 2022 Programs

***No video interviews for our holiday programs on Thursday and Friday. Markets were open for a shortened session on Friday as well. Below are links to our Thursday and Friday episodes with various interviews...

Biden Wants Rail Unions, Freight Railroads to Settle Contract Dispute Themselves

President Biden wants rail unions and freight railroads to resolve their long-running contract dispute themselves, without saying publicly if he’ll intervene or ask Congress to do so, barring an agreement. Biden Press Secretary Karine Jean-Pierre...

Wednesday, November 23rd, 2022 Video and Audio Program

Overall, trade on Wednesday was fairly quiet headed into the Thanksgiving holiday. We did find some late buying interest in grains on the session and in turn, slipped lower in cattle and hogs on...

Farm State Senators Vent Over High Diesel Prices 

High input prices helped fuel debate over the next farm bill at a recent Senate Ag Committee hearing. High diesel prices mean high food prices, as farmers and truckers struggle to pay an average...

USDA Invites Producers to Respond Online to the 2022 Census of Agriculture

The USDA mailed survey codes to all known U.S. ag producers with the invitation to respond online to the 2022 Census of Agriculture at agcounts.usda.gov. The ag census is the nation’s only comprehensive and impartial...

Latest articles

%d bloggers like this: