New Jersey State Senator Jim Holzapfel and Assemblymen Greg McGuckin and John Catalano say the sanctions proposed by the New Jersey Legislature preventing state government interaction with Russian and Belarus businesses will have little to no effect as long as the United States continues to purchase oil from Russian companies.
District 10 lawmakers say the sanctions proposed by the New Jersey Legislature preventing state government interaction with Russian and Belarus businesses will have little to no effect as long as the United States continues to purchase oil from Russian companies. (SenateNJ.com)
According to 2021 estimates, the United States imported about 672,000 barrels of oil and refined products per day from Russia, and is on pace to import a similar amount in 2022.
“I wholeheartedly support the recent sanctions bill approved by the Senate Budget Committee. However, it will ultimately have a negligible effect on Russia’s economy because the United States will continue to import Russian oil every day and give them billions of dollars in the process,” said Senator Holzapfel. “Since Russia’s economy relies heavily on energy exports, the only way to effectively sanction the country would be for the United States, and its allies, to cease oil imports and finally become energy independent. Unfortunately, under the Biden Administration, we are actually more dependent on Russia, and other countries, for energy products than ever before.”
On February 28, the New Jersey Senate Budget and Appropriations Committee passed legislation, S-1889, which would prohibit government dealings with businesses associated with Belarus or Russia.
“The sanctions announced by New Jersey are a good first step, but as historian Adam Tooze says, ‘Energy exports are the whole game,’” added Assemblyman McGuckin. “New Jersey may cease state government interaction with Russian businesses, but the United States government will keep the money flowing directly to Russia via petroleum imports. Overall, these sanctions will not have much impact on businesses located in Russia or Belarus.”
“Perhaps if the Biden Administration did not halt the construction of numerous pipelines necessary for America’s energy independence, New Jersey’s sanctions may be somewhat effective” said Assemblyman Catalano. “Now is the perfect time to dramatically increase our oil and natural gas production here at home so that we can implement sanctions that actually have teeth.”
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