I have been reading that we are still buying some Russian oil, about 209,000 barrels per day. The explanation being provided is that this oil was bought and paid for months ago and is now being delivered. As I write this, there is an oil tanker carrying Russian oil going up the Potomac River to dock near Philadelphia and unload its oil cargo.
It was also explained that we need this oil???I am surprised as I heard the last two presidents tout our oil independence and that we were an oil surplus producer. What happened, or did it?
It seems if we actually need this oil, then all the more reason to dedicate to the transition to greener technologies and reduce the dependence on fossil fuels for energy. Both parties should commit to this. Climate change, global warming, and filling Putin’s pockets ought to be more than enough reasons to divorce ourselves from big oil.
So, yes, we are still buying oil from Russia, or American companies are still buying oil from Russia. The transactions were probably finalized months ago, and we are taking delivery now, and more in the near future, but nevertheless, we are buying Russian oil.
I have to think that Putin is not, and was not, an unknown quantity. Shame on us for not seeing any further down the road than the profits on some corporate balance sheet.