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IPFS News Link • Oil

"We May Have To Supply Europe":

• by Tyler Durden

US lawmakers across the aisle are pressuring President Biden to halt US imports of Russian oil and gas - with Republicans (and moderate Democrat Joe Manchin) pushing for an expansion of domestic production, and Democrats pitching it as a perfect opportunity to accelerate investments into renewable energy.

The former of course could be accomplished by reopening the Keystone pipeline and uncapping closed shale projects, while the latter would require trillions in taxpayer dollars to maybe accomplish within the next decade.

Meanwhile, America purchased over 600,000 barrels per day of Russian crude last year - up 24% from a year prior under the Trump administration, according to the Energy Information Administration.