The United States will not pressure allies to follow its actions when it comes to banning Russian oil and energy imports, U.S. Energy Secretary Jennifer Granholm said on March 8.
“We [the U.S.] don’t rely that much on Russian oil and we don’t rely on Russian gas at all. We know that our allies across the world may not be in that same position. And so we are not asking them to do the same thing,” Granholm told CNBC in an interview.
U.S. President Joe Biden on March 8 imposed an immediate ban on Russian oil and other energy imports in retaliation for the invasion of Ukraine.
Granholm also said the U.S. was speaking to other nations about additional reserve releases globally.
“We are in active discussions with our allies. As you know, we just did a release of 60 million barrels collectively as a collective action with the International Energy Agency last week,” Granholm said.
“And we will be having further discussions both internally to the U.S. but also with our allies.”
Granholm said Washington called upon all producers across the globe to increase supply.
“We’ve got to make up for eight and a half million barrels of Russian oil that could potentially come off,” she added.
An immediate ban on Russian oil and other energy imports will drive up U.S. energy prices but Biden said it was necessary to punish Russian President Vladimir Putin for the invasion of Ukraine. Moscow describes its actions as a “special operation” to disarm Ukraine and unseat leaders it calls neo-Nazis.
Recommended Reading
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
Murphy Oil Names Eric Hambly as President, COO
2024-02-08 - Murphy Oil has promoted Eric M. Hambly to president and COO and E. Ted Botner to executive vice president. Both will continue to report to CEO Roger W. Jenkins.
EOG Resources Wildcatting Veteran Billy Helms to Retire
2024-04-02 - Joining an EOG Resources predecessor in 1981, Helms is among the pre-1986-oil-bust generation who later found success in shale.
Occidental Increases Annual Dividend by 22%
2024-02-11 - Occidental Petroleum Corp.’s newly declared dividend is at an annual rate of $0.88 per share, compared to the previous annual rate of $0.72 per share.
Atmos Energy Announces Quarterly Dividend
2024-02-11 - Atmos’ dividend marks the company’s 161st consecutive quarterly dividend.