Drilling restriction and crude bans lead to higher oil prices

 Washington Examiner:

Oil prices soared on Tuesday following news that European Union leaders had reached a consensus on a plan to ban nearly all Russian oil imports by the end of the year, seeking to punish Moscow for its war in Ukraine, even as the bloc scrambles to secure alternative supplies.

News of the embargo, which is slated to be finalized this week, sent crude oil futures rising Tuesday morning to the highest levels in more than a decade. International benchmark Brent Crude saw a 1.90% increase, rising to $123.98 a barrel in the early hours of trading, near the highest price since 2012.

Meanwhile, futures for the U.S.-based West Texas Intermediate climbed to their highest levels in more than a decade, rising as high as $119.10 a barrel Tuesday morning — a roughly 3.50% spike. The last time prices were close to this high was mid-March.

Leaders said on Tuesday that the planned oil embargo would immediately hit 75% of Russian oil imports to the bloc. It will halt all Russian seaborne oil imports by the end of the year, though it includes a temporary exemption for pipeline crude. The exemption is part of an eleventh-hour scramble to appease holdout nations such as Hungary, a landlocked country that remains deeply dependent on Russian crude.

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This is happening at the same time Biden is blocking drilling on federally controlled sites and is wasting the strategic petroleum reserve at the same time.  It is probably going to take an election to reverse his restrictions on drilling American oil.

See, also:

Every Time Biden Drained Strategic Oil Reserves, Prices Ended Up Higher. Here’s The Proof