(DailyVantage.com) – On Tuesday, March 8, President Joe Biden signed an Executive Order banning Russian oil imports. Currently, the United States imports about 700,000 barrels from Russia per day, leaving Americans to make up a significant shortage. While White House officials visited Venezuela in what many believe was a trip to secure oil from the socialist country, it appears another hostile nation isn’t completely out of the question, either.
Energy Secretary Jennifer Granholm appeared on CNBC’s “Closing Bell” on Tuesday to discuss the rising gasoline prices. In addition to claiming the increases were Russian President Vladimir Putin’s fault, Granholm also spoke about the possibility of resuming oil purchases from Iran if the Biden Administration can renegotiate a nuclear deal with the country. “If there is a byproduct of increased supply, so be it,” she said, stressing the ultimate goal is Iran’s denuclearization.
The Iran Nuclear Deal, signed in 2015 under former President Barack Obama, was designed to denuclearize Iran, rendering the region safer. Iranians had to agree to significantly reduce the renegade nation’s uranium stockpile and lower the enrichment below the levels needed to create bombs. In return, the US lifted sanctions, releasing frozen bank funds and allowing the country to sell its oil supply and net billions in revenue. Former President Donald Trump withdrew from this deal and reinstated sanctions on Iran in 2018 because the theocratic republic wasn’t following the provisions.
Since taking office, Biden has tried to undo Trump’s withdrawal from the deal by creating a new diplomatic approach, but Iran has not cooperated so far. If Iran agrees to terms, the US could buy oil from there. But wouldn’t that still support a terrorist regime when the US could support enhanced oil exploration, drilling, and production at home? How does that make sense?
Copyright 2022, DailyVantage.com