Should the U.S. Ban Russian Oil Imports? Is it a Pyrrhic Victory? Will it Work?

In this episode, Alex goes into the announcement that the United States would ban energy imports from Russia (oil, coal, and natural gas). Alex adds some context by discussing how Russia only makes up for about 3-4% of the US petroleum imports, yet this seems to be a move to hurt Russia’s ability to thrive off of high energy prices. He also thinks that the goal is to bring other countries in on this import ban. Russia has the hopes of sustaining its export revenue and this will likely delay that. Alex also goes into how American companies (and politicians) are pushing for growth in the US fossil fuel economy. This could be a Pyrrhic victory for the renewable, environmental cause because it could damage long-term progress. Alex knows that Biden will be blamed for the rise in oil prices, but he also looks at who is pushing for growing the US fossil fuel industry. Are they trying to help the American consumer or be sure that the future is run by fossil fuels? Alex concludes by going over how this may be an opportune moment for the electric vehicle economy to take off in the U.S. The Biden administration should work to create a sector that can decrease the U.S. need for fossil fuels.