Nancy Pelosi, the speaker of the House of Representatives of the U.S. stated that the price hike of oil in the whole world is due to the war between Russia and Ukraine. As per the Speaker, she supported the boycott of all the oil imports from Russia after growing initiatives were taken by the Congress to hamper the revenue generation of Russia.
Reason Of Banning The Russian Oil Imports
In an interview, Pelosi stated that she supports the movement totally. Congress bipartisan members are forcing legislation to ban the Russian oil imports from Republicans and are emphasizing the fact that the U.S must start manufacturing their own gas and oil. Michael McCaul, the representative of Texas, stated that America is still a big customer of Russian oil imports and that money is used by Putin to sponsor all his war affairs.
As per the Energy Information Administration of the U.S., the country has imported almost 405,000 barrels of petroleum and crude oil per day which amounted to 5% of all the imports in a month. Though Pelosi agreed with the banning of Russian oil imports, she did not support the decision of Joe Biden to use federal lands for gas and oil drilling.
Pelosi held the war of Russia-Ukraine the reason for the price hike of oil and stated that with the death of thousands of people in the war, the gas price is also rising which is creating a huge problem for the general population. Furthermore, Pelosi also shared her concern regarding the efforts to execute a holiday from the gas tax.
This tax accounts for more than 18.3 cents in each gallon of federal tax. However, there must be some assurance that the savings collected from the holiday are returned back to the population. In general times, most of these profits are used up by the companies dealing with oil.