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Joe Biden finally did it…
He banned Russian oil imports.
Most Americans support the move, but it will end up hurting us all with even higher gasoline prices almost overnight.
Good Ban, Bad Ban
Most of us would agree that sending $70 million a day to Russia for oil was utterly ridiculous.
We, however, make the argument that we should never have been buying Russian oil in the first place.
The United States has the capability to be completely energy independent.
In fact, we were already there under Trump, and Biden reversed that.
His early moves led to an almost doubling of gas prices.
By the end of this current fiasco, that may now be tripled because Biden has no plan in place to replace the Russian oil we will now stop importing.
Biden froze domestic leases for oil and gas as soon as he came into office, severely curbing domestic production.
The administration keeps latching on to the idea that 9,000 leases are currently unused, but industry experts have already debunked that narrative.
When you add in fines and fees this administration has put into place, oil is no longer a viable option for investors, so we are seeing less and less production.
This is COVID all over again, meaning, Joe Biden never seems to have a plan.
He is winging this administration by the seat of his pants, and, sadly, we are the ones paying for his incompetence.
