Joe Biden’s plan to cripple Russia’s economy by banning all imports on Russian oil, liquefied natural gas and coal has failed miserably and has instead has, in part, led to skyrocketing gas prices for the American people.
Even though the U.K. banned imports in March and the European Union imposed a partial embargo on Russian crude and petroleum products, according to the Center for Strategic and International Studies, Russia is raking in record oil revenue and the strength of the Ruble is increasing.
In fact, according to the Center for Research on Energy and Clean Air, in the first 100 days of the conflict in Ukraine, Russia made nearly $100 billion from oil, gas and coal exports.
Lauri Myllyvirta, an analyst who led the research, said,
“The current rate of revenue is unprecedented, because prices are unprecedented, and export volumes are close to their highest levels on record.”
While the U.S., U.K. and E.U. have all sanctioned Russia, demand has increased from India and the United Arab Emirates, with India importing nearly 20% of Russia’s crude oil. Which is significant considering that The United States imports refined oil from India, those products according to the Times, most likely contain Russian crude so the U.S. is still receiving Russian oil.
In addition, according to Reuters, the Russian currency of the ruble has hit three-week highs against both the euro and the dollar – up about 1.8% of the euro and .4% against the dollar.
Meanwhile Americans are paying record high prices for gas, food and housing as inflation hit a new 40 year high in May.
Biden’s war on American energy has led to skyrocketing prices at the pump as he cancelled the Keystone XL pipeline, oil leases on federal lands and offshore drilling in the gulf and Alaska.
Biden’s open border policies have also allowed nearly 2 million illegal migrants into the country since he took office creating an unprecedented demand and making it nearly impossible for suppliers to provide enough product to meet demand leading to supply shortages and increased prices.
