UK to phase out Russian oil imports by 2023 and explore ending gas imports
Source: The Guardian
Britain and the US together moved to ban Russian oil on Tuesday in the biggest financial crackdown on Moscow since its invasion of Ukraine two weeks ago.
In a move likely to hit the Kremlins coffers hard, as well as further raise petrol prices and feed inflation in the west, Boris Johnson said stopping imports of Russian oil by the end of 2022 was another economic blow to the Putin regime.
Joe Biden announced a joint ban on Russian oil and gas imports, while the EU presented a plan to phase out gas imports only.
...
Johnson said: We can certainly do it
in a way that doesnt disrupt supply, that ensures we have substitute supplies on stream in an orderly way and in a timetable that wont affect UK business, wont affect UK manufacturing, road haulage or other parts of our industry but will punish the regime of Vladimir Putin.
Read more: https://www.theguardian.com/world/2022/mar/08/no-10-plans-cut-russian-fossil-fuels-use
elleng
(130,126 posts)cstanleytech
(26,080 posts)At least here in the US the oil companies can simply ramp up production and drill more wells on the thousands of sites they have yet to drill on.
Assuming of course they want to do that rather than keep prices artificially high in order to increase their profits regardless of the fact that it will hurt most Americans financially.
Alexander Of Assyria
(7,839 posts)contracts
so must not disturb contracts
yet the Iran nuclear deal was nixed with stroke of a pen.
Capitalism at its ugliest is the lesson I see.
left-of-center2012
(34,195 posts)Hmm.
So, will that affect Russia anytime soon, or will they continue to rake in the dough?
Cheezoholic
(1,967 posts)First of all statements like this, seem to me anyway, assume that Russia and maybe putrid will still be in a business as usual state by the end of the year which I honestly dont see happening. But lets say it does then...
Second, if other EU countries should follow this philosophy it will take a miracle to replace the energy Russia provides the continent in that short time period, unless...
Third, they turn to their own ability and more importantly our ability to ramp up fossil fuel extraction 10 fold, drilling, fracking and mining the hell out of everywhere possible, climate change be damned.
This sounds like a bullshit excuse for western oil oligarchs to get permission to prick the fuck out of whats left of the planet to enrich themselves.
While the UK relies less on Russian fossil fuels than the rest of the EU continent and may be able to make a fantasy claim on their end at least sound realistic, there's no way greater EU can do it unless we and others turn up the faucets to insane levels to supply them in the short term. It sounds like a big oil version of a land grab to me.
cstanleytech
(26,080 posts)up in Alaska that is simply not needed as the oil companies are already sitting on enough land in the US with plenty of oil but they are simply deciding not to utilize it.
NickB79
(19,109 posts)The UK has substantial gas reserves, but can only be accessed by fracking. Fracking was banned due to fears of water contamination.
https://www.dailymail.co.uk/news/article-10584451/Top-Tories-call-Boris-Johnson-ditch-plans-ban-fracking.html
The 34 MPs and five peers claim that sealing two of the UK's only viable shale gas wells next week would benefit Vladimir Putin.