Energy is rapidly emerging as a potentially devastating weapon in Russia’s unprovoked war against Ukraine. Oil and gas exports account for about half of Russia’s budget, and therefore its energy exports are financing its military machine.
So far, countries dependent on Russian energy have been reluctant to stop buying from the Kremlin. The Wall Street Journal opined that energy sanctions would severely impact Russia, but there would be fallout around the globe.
“The problem is that sanctions on Russian energy could also harm the world economy and especially Europe, which imports about 25 percent of its oil and 40 percent of its natural gas from Russia,” the Journal said in an editorial.
The United States is much less dependent on Russian energy. Only about eight percent of imports of oil and refined petroleum products come from Russia.
Still, cutting off the flow would likely lead to even higher gasoline prices. The national average is already at $4.00 a gallon. Triple AAA reports prices in West Virginia rose 55-cents a gallon just in the last week.
West Virginia is not a wealthy state, and often people must drive long distances to their jobs. A 60-dollar fill-up on the way back from work or to the grocery store, where prices are also rising, puts a significant strain on many families.
However, who among us is not deeply disturbed by the events in Ukraine? The images of destroyed neighborhoods and the bloody bodies of innocent victims are horrific, and they are also a call to action.
Senators Joe Manchin and Shelley Moore Capito of West Virginia are among the sponsors of a bipartisan bill to ban the importation of Russian petroleum products. “This is war,” Manchin said, adding on Talkline yesterday that he believed West Virginians would accept an increase in gas prices if it meant standing up to Russia and standing with Ukraine.
The United States has plenty of energy—oil, natural gas, coal, alternative fuels—however, the Biden administration’s green agenda has made it more difficult to drill and dig for fossil fuels. The Wall Street Journal reported “Interior (Department) has been slow-rolling oil and gas permits since Mr. Biden took office.” and “Mr. Biden hasn’t held an onshore lease sale.”
Easing the restrictions on domestic production would not solve the immediate crisis. However, it would place the U.S. in a more tenable position in the future. Oil, gas and coal companies, and the banks that finance them, would feel more secure about investments in their industries if there was less hostility from the White House.
Nobody wants to pay higher prices at the pump, and higher energy costs will impact our economy. But if the United States is going to maintain its position as a world leader, as a standard bearer for freedom and against tyranny, we must do our part.
For the average citizen, that means accepting some short-term pain at the pump. For the Biden administration, it means taking down the roadblocks to the production of oil, natural gas and coal.