US Oil (In)Dependence and the Ban on Russian Oil

Over the 2010-2021 period, U.S. companies have consistently purchased about half a million barrels of oil per day from Russia, which is not a lot. Since 2020, the U.S. has become closer to being energy independent. The current U.S. ban on Russian oil should not result in oil shortages in the U.S. So far, paradoxically, Russia has only benefited economically from the U.S. ban as they are able to sell a similar amount of oil (the U.S. was not buying much) at somewhat higher prices. What would really sting Russia is if European countries also ban Russian oil. However, that would be an extremely difficult choice for them. It would also lead to a significant increase in global oil prices and consumers everywhere (including the U.S.) would pay more for gas, heating, and food. Join Dr. Holland for a presentation and discussion on this topic.

10 Edge Points will be awarded to students that attend in-person.

Presenter

Kate Holland

Assistant Finance Professor