Putin's war is costly at the gas pump

It’s not often that one day in a news cycle captures complexity.

“We’re banning all imports of Russian oil and gas and energy,” President Joe Biden said Tuesday. “That means Russian oil will no longer be acceptable at U.S. ports, and the American people will deal another powerful blow to Putin’s war machine.”

Then a few moments later he added this important kicker. “We understand Putin’s war against the people of Ukraine is causing prices to rise. We get that.”

Then he talked about the U.S. energy production. “We’re approaching record levels of oil and gas production in the United States, and we’re on track to set a record of oil production next year. In the United States, 90 percent of onshore oil production takes place on land that isn’t owned by the federal government. And of the remaining 10 percent that occurs on federal land, the oil and gas industry has millions of acres leased. They have 9,000 permits to drill now. They could be drilling right now, yesterday, last week, last year. They have 9,000 to drill onshore that are already approved.”

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