President Biden announced an Executive Order today banning all imports of Russian oil into the United States. The decision comes after Russian President Putin continues to escalate his invasion of Ukraine.
Last year, the United States imported over 700,000 barrels of crude oil and refined petroleum products. Cutting off this supply of fossil fuels is expected to greatly impact the US electricity and natural gas commodity markets, which will in turn impact utility billing around the nation. In preparation for a restricted supply, President Biden is also planning to release more than 90 million barrels of oil from the US strategic reserves in 2022.
There are many domestic and international pressures on the electricity and natural gas markets. Stanwich Energy is committed to staying on the pulse of these ever-changing drivers so that our clients are ready to capitalize on advantageous moments in these markets. If you have questions about these current affairs or would like to discuss your current electricity strategy, please reach out to your Stanwich Energy account manager or send us an email at info@stanwichenergy.com.