>>> TODAY WE REMAIN UNITED,
REMAIN UNITED IN OUR PURPOSE TO
KEEP PRESSURE MOUNTING ON PUTIN
AND HIS WAR MACHINE.
THIS IS A STEP THAT WE'RE TAKING
TO INFLICT FURTHER PAIN ON PUTIN
BUT THERE WILL BE COSTS AS WELL
HERE IN THE UNITED STATES.
I SAID I WOULD LEVEL FROMWITH TH
AMERICAN PEOPLE FROM THE
BEGINNING AND WHEN I FIRST SPOKE
TO THIS, I SAID DEFENDING
FREEDOM IS GOING TO COST, IT'S
GOING TO COST US AS WELL IN THE
UNITED STATES.
>> THAT WAS PRESIDENT BIDEN
ACCOUNTING -- ANNOUNCING TODAY
THAT THE UNITED STATES WOULD BAN
ALL RUSSIAN OIL IMPORTS.
A MOVE THAT WILL COME AT A
SEVERE COST TO RUSSIANS AND HAVE
RAMIFICATIONS IN THE U.S., AS
WELL.
WHILE AMERICA IMPORTS ONLY 4% OF
RUSSIAN OIL, TODAY'S
ANNOUNCEMENT SENT PRICES
SKYROCKETING WITH A BARREL OF
OIL TRADING AT $130, JUST TWO
WEEKS AGO IT WAS TRADING FOR
ROUGHLY $95.
PRESIDENT BIDEN NOTED HE WOULD
DO HIS BEST TO INSULATE
AMERICANS FROM THE PAIN AT THE
PUMP AND SAID IT WAS AN
OPPORTUNITY FOR AMERICA TO BE A
LEADER IN CLEAN ENERGY
TECHNOLOGY.
>> THIS CRISIS IS A STARK
REMINDER TO PROTECT OUR ECONOMY
OVER THE LONG TERM.
WE NEED TO BECOME ENERGY
INDEPENDENT.
THAT WILL MEAN TYRANTS LIKE
PUTIN CAN'T USE FOSSIL FUELS AS
WEAPONS AGAINST OTHER NATIONS
AND IT WILL MAKEER MANUFACTURING
TECHNOLOGY FOR THE FUTURE.
>> HOURS LATER, PRIME MINISTER
BORIS JOHNSONNNOUNCED THE
UNITED KINGDOM WOULD PHASE OUT
RUSSIAN IMPORTS BY THE END OF
THE YEAR.
IN A VIDEO ADDRESS TODAY,
PRESIDENT ZELENSKYY THANKED
PRESIDENT BIDEN AND PRIME
MINISTER JOHNSON AND ENCOURAGED
OTHER COUNTRIES TO DO THE SAME.
YESTERDAY RUSSIA'S DEPUTY PRIME
MINISTER WARNED A REJECTION OF
RUSSIAN OIL WOULD LEAD TO
CATASTROPHIC CONSEQUENCES FOR
THE GLOBAL MARKET.
RUSSIA IS THE THIRD LARGEST OIL
PRODUCER BEHIND THE U.S. AND
SAUDI ARABIA AND THE LARGEST
EXPORTER OF CRUDE TO GLOBAL
MARKETS.
THE EUROPEAN UNION RECEIVES 40%
OF THE GAS BY RUSSIAN PIPELINES.
FINLAND AND GERMANY THAT
EXPRESSED SKEPTICISM ABOUT
CUTTING OFF RUSSIA RECEIVES
ROUGHLY 50% OF THE GAS FROM
RUSSIA.
LATE TODAY, FITCH A CREDIT
RATING FIRM CUT RUSSIA'S
FINANCIAL RATING MOVING THE
COUNTRY'S OUTLOOK INTO JUNK TER
TERRITORY AND WARPED A RUSSIAN
DEBT WOULD HAPPEN.
STEVE
STEPHANIE RUHLE AND BUSINESS
CORRESPONDENT.
CONGRESSMAN, I'LL START WITH
YOU.
THERE IS HOUSE LEGISLATION THAT
IS ALSO GOING THROUGH PENDING
THERE WOULD BAN THE IMPORTS OF
RUSSIAN OIL.
WHAT'S THE DIFFERENCE BETWEEN
THE HOUSE LEGISLATION AND WHAT
PRESIDENT BIDEN ANNOUNCED TODAY?
>> PRESIDENT BIDEN'S
ANNOUNCEMENT TODAY IS BAN THE
IMPORT OF OIL BUT IN ADDITION TO
THAT, HE INCLUDED PROVISIONS TO
PROHIBIT THE FINANCING OF
RUSSIAN ENERGY PROJECTS WHICH IS
VERY, VERY IMPORTANT AND ALSO
PROHIKTEDBIT THE INVESTMENTS BY
AMERICAN COMPANIES.
THERE ARE ADDITIONAL PROVISIONS
IN THE EXECUTIVE ORDER.
THE LEGISLATION IS STILL BEING
CRAFTED BUT IT RELATES TO THE
TRADE STATUS OF RUSSIA AS WELL
AS THE BANNING OF THE IMPORT OF
RUSSIAN OIL.
>> AND STEPHANIE, IF I COULD GO
TO YOU TO EXPLAIN THIS AND
REGULAR PEOPLE TERMS YOU'RE SO
GOOD AT DOING MY FRIEND AND
COLLEAGUE, CONGRATS ON THE NEW
SHOW.
THE MARKET IS GLOBAL, RIGHT?
SO IF THE UNITED STATES SAYS
WE'RE NOT GOING TO BUY ANY MORE
RUSSIAN OIL, IT'S NOT AS IF THAT
TURNS OFF A CERTAIN SPICKET OF
IT.
HOW DOES THE UNITED STATES AND
THE U.K. CUTTING BACK ON OUR
CONSUMPTION OF REALLY RELATIVELY
SMALLER AMOUNTS OF OIL IMPACT
THE MARKET?
>> LET'S BREAK THIS DOWN, JOY.
THE UNITED STATES PRODUCES AN
ENORMOUS AMOUNT OF ITS OWN OIL
AND GAS.
LESS THAN 10% QUESTIONWE GET FRO
RUSSIA.
WE DEAL WITH A PRICE ISSUE.
IF RUSSIA SUDDENLY HAS NOWHERE
TO SELL THEIR OIL BECAUSE IT'S
NOT JUST THE UNITED STATES, IT'S
THE U.K., IT'S THE E.U.
THE E.U. GETS UP TO 40% OF THEIR
OIL AND NATURAL GAS FROM RUSSIA.
IF RUSSIA DOESN'T HAVE ANYWHERE
TO SELL IT, THAT'S A PROBLEM FOR
THEM.
AS YOU SAID, THE PRICE IS SET
GLOBALLY.
IF THE PRICE OF OIL IS $200 A
BARREL, IF WE DON'T NEED RUSSIAN
OIL WE HAVE TO PAY THAT
INCREASED PRICE.
SO THERE IS TWO THINGS THAT
HAPPEN FROM THERE.
WE'RE NOW DEALING WITH INCREASED
GAS PRICES AND EVERYONE FOR GOOD
REASON IS OBVIOUSLY VERY, VERY
UPSET ABOUT THAT.
THIS IS A POINT WHERE YOU AND I
SHOULD SMILE REAL, REAL BIG FOR
THE BOYS AT FOX NEWS BECAUSE
THIS IS WHERE THEY SAY AT MSNBC
THEY DON'T CARE THE AMERICAN
PEOPLE WILL STRUGGLE AND THEY
CAN'T PAY FOR MORE EXPENSIVE
GAS.
THAT'S NOT THE CASE AT ALL.
OBVIOUSLY, EVERYONE IS SENSITIVE
TO AMERICANS THAT HAVE TO PAY
MORE FOR GAS BUT UNFORTUNATELY,
FOR THE TIME BEING THAT IS GOING
TO BE THE PRICE OF WAR FOR THE
AMERICAN PEOPLE.
AND WHEN YOU THINK ABOUT WHAT
OTHER THINGS IT COULD COST US,
LIKE US HAVING OUR OWN MILITARY
ON THE FRONT LINES, PAYING MORE
FOR GAS FOR THE TIME BEING IS A
MUCH CHEAPER THAN WHAT A
MILITARY OPTION WOULD BE.
THAT'S WHERE WE ARE.
THIS IS THE ECONOMIC TOOL WE CAN
USE TO SQUEESZZE RUSSIA.
>> INDEED.
CONGRESSMAN, THERE ARE THINGS
MAYBE AT THE MARGINS THAT, YOU
KNOW, CONGRESS COULD DO TO WEIGH
IN INSTEAD OF BACKING WHAT THE
PRESIDENT IS DOING.
YOU COULD MESS WITH THE GAS TAX,
RIGHT?
WHICH IS PROBABLY NOT GREAT LONG
TERM FOR THE ENVIRONMENT.
YOU CAN LEVER THAT DOWN.
ARE THERE OTHER SMALL THINGS,
BECAUSE I HATE TO BREAK IT TO
FOLKS WATCHING, STEPHANIE WILL
HIGH FIVE ME VIRTUALLY.
JOE BIDEN DOESN'T DECIDE THE
PRICE OF GAS.
HE CAN'T DO MUCH TO CONTROL THE
PRICE OF GASOLINE.
THAT'S NOT THE WAY IT WORKS.
THERE ARE SMALL THINGS THAT
COULD BE DONE IN TERMS OF
DEALING WITH THE GAS TAX.
IS THAT BEING CONSIDERED AT ALL
LEGISLATIVELY?
>> I THINK STEPHANIE HAS IT
EXACTLY RIGHT.
PEOPLE ARE VERY, VERY AWARE OF
HOW DIFFICULT THIS IS FOR
WORKING FAMILIES IN THIS
COUNTRY.
THE PRESIDENT HAS RELEASED THE
RESERVES FROM THE PETROLEUM
RESERVES TO HELP INCREASE THE
SUPPLY OF GASOLINE TO HELP
STABILIZE THE PRICE.
HE'S CALLED ON PRODUCERS TO
PRODUCE MORE PARTICULARLY OUR ALLIES AROUND THE WORLD AND
ALLIES AROUND THE WORLD AND
REALLY CALLED OUT AND
UNJUSTIFIED AND I WAS JUST AT
THE UKRAINE POLISH BORDER AND
MILLIONS OF REF FUF GEES ARE
LEADING THE COUNTRY.
WE HAVE A RESPONSIBILITY TO DO
AND RESULTED FROM VLADIMIR
PUTIN'S AGGRESSIONS AND IF WE
ARE GOING TO BE FORCED TO PAY
ADDITIONAL FOR GAS TO FIGHT FOR
THEIR FREEDOMS AND FIGHT FOR
DEMOCRACY AND SUPPORT THAT
EFFORT, WE'RE GOING TO DO
EVERYTHING WE CAN TO MITIGATE
THE IMPACT OF THIS DECISION BUT
I THINK IT ABSOLUTELY RIGHT THE
AMERICAN PEOPLE DON'T WANT TO
FIENANCE THIS WAR AND DEADLY MAN
KILLING WOMEN AND CHILDREN IF WE
CAN CHOKE THE REVENUE SUPPLY TO
RUSSIA AND CRIPPLE THE ECONOMY
AND AMERICANS ARE READY TO DO