I mentioned that there have been some articles of late that just really kind of struck me. It is interesting because I thought they were pretty significant, but it seems they are relatively unnoticed here in Washington. According to Bloomberg, Russia has now supplanted Saudi Arabia to become the third largest supplier of crude oil in the United States. Canada is our No. 1. But there has been a series of circumstances. As our domestic production is falling, the Saudis have also reduced theirs, and it has been Venezuela. Venezuela is subject to sanctions. Their production has pretty much gone offline to the United States. Part of what we are seeing, though, is the refusal on the Federal Government's side to approve cross-border pipeline infrastructure. Canada, again, is our largest--we import more from Canada than anywhere else, and they have greater capacity to help us out here so that we don't have to take it from Russia. But, instead, we haven't been able to take more from Canada to fill in that gap because of pipeline capacity. So what happens is, we are sending more of our money to Russia at a time when we are not on very good terms with Russia. Need we say elections? Need we say SolarWinds? Need we say what we are seeing from Putin? This is what is happening: We are sending more of our dollars to Russia, and they are sending us more of the resources that we could produce here at home or perhaps at least import them from some friendlier nations.

This is what really galls me so much: In 2020, the United States imported 538,000 barrels of oil per day from Russia. In Alaska--we recognize Alaska is a great producing State. Despite our immense potential and desire to bring it to market, in 2020, we were producing an average of 448,000 barrels per day. It just begs the question: Is this what we really want? Is this what we really want, for Russia to account for more of America's energy supply than Alaska? We both have similar environments, both big, but oil production goes on in areas that are tough to produce in. I will hold Alaska's environmental record over that of Russia any day--in fact, over most countries and even most States any day. One article put it this way. They said: "America's increasing reliance on Russian oil is at odds with U.S. energy diplomacy." Let's kind of put it in context. The position that we have taken with Nord Stream 2--basically what we have said is that we are asking those in Europe who need Russia's gas--we are saying we need to be tough on this. We need to break Russia's hold here. For all the years--it has been 7 years since Russia annexed Crimea and demonstrated to the world that they are not afraid to flex their muscles when it comes to energy exports in order to achieve their geopolitical goals.

We can't be trying to stop Russia at the same time that our allies in Europe are buying energy from Putin. We need to work with Europe and get our American energy over there and get energy from other parts of the world to Europe. Impose the sanction by excluding Russia from SWIFT, cut off his source of revenue, and make it painful for him right away.

Reliance on a single foreign supplier can leave nations vulnerable to extortion and intimidation and that is why we congratulate European states such as Poland for leading construction of a Baltic pipeline so that nations are not dependent on Russia to meet their energy needs. Germany will become totally dependent on Russian energy if it does not immediately change course.

U.S. crude oil production fell from an average high of 12.2 million barrels per day in 2019 to an average of 11.3 million in 2020. According to the Energy Information Administration, this loss in domestic production will return the United States to being a net petroleum importer in 2021 and 2022. By all accounts, a sizable chunk of this will come from Russia. What is going to happen is, we are going to move from this position where we have been in these past few years where we have had some real energy security here because we have been producing, and we have been producing to the point that we have been able to even supply to our friends and allies. But now, with policies that are taking us in a different direction and still knowing that we need the resource, we are turning to Russia.

Today, we are announcing a ban on all imports of crude oil from Russia, an industry that has benefited President Putin and his oligarchs greatly.
And while Canada has imported very little amounts in recent years, this measure sends a powerful message,

This goes back to the Bush-Cheney years... they began to talk about the threat... of cheap energy for Europe, was always seen as a threat to make Europe... more willing to trade with Russia. We always wanted to isolate Russia. This has been a theme of the last decades.

There is no reason for the EU not to place an immediate embargo on supplies of Russian LNG and petroleum products. Russia's energy stranglehold has lasted for too long. This step will save lives, and not only in Ukraine.

The Russians and Putin have always believed Europe can never survive without Russian oil. ... Putin thinks if he wins in Ukraine, the Kremlin will be forgiven because there is no alternative, and the west is weak. That is how he thinks, how Gazprom thinks, and how Rosneft thinks. That is how they see the world. That is why Putin personally controls the energy trade. It is his sacred cash cow. ...There is a Russian proverb: a sacred place is never empty for long.

Keeping America competitive requires affordable energy. Here we have a serious problem. America is addicted to oil, which is often imported from unstable parts of the world.

Beyond the military domain, the most obvious target for such retaliation is Russian energy exports, which account for roughly 36 percent of the country's total budget revenues, most of which are used to fund military expenditure. Europe should move fast to replace Russian energy supplies permanently.

America’s political fears were real: Putin would now have an additional and much-needed major source of income, and Germany and the rest of Western Europe would become addicted to low-cost natural gas supplied by Russia—while diminishing European reliance on America.

America’s plan to block Nord Stream 2 was really part of its strategy to block Western Europe (“NATO”) from seeking prosperity by mutual trade and investment with China and Russia... European trade and investment prior to the War to Impose Sanctions had promised a rising mutual prosperity between Germany, France and other NATO countries vis-à-vis Russia and China. Russia was providing abundant energy at a competitive price, and this energy was to make a quantum leap with Nord Stream 2. Europe was to earn the foreign exchange to pay for this rising import trade by a combination of exporting more industrial manufactures to Russia and capital investment in developing the Russian economy, e.g. by German auto companies and financial investment. This bilateral trade and investment is now stopped – and will remain stopped for many, many years, given NATO’s confiscation of Russia’s foreign reserves kept in euros and British sterling, and Europe’s Russophobia being fanned by U.S. propaganda media.

There's another item I'd like to mention tonight, and that's the subject of energy. I presented to the Congress and to the American people last April, for the first time in the history of our Nation, a comprehensive energy policy. We had a severe blow in 1973 when the prices of oil were quadrupled almost overnight. And when an oil embargo was slapped on our country, that economically almost brought us to our knees. Other nations suffered the same challenge. They have reacted well. The consumption of oil in Germany, compared to 1973, is down. The consumption of oil in Sweden is down, France down, Italy down, Japan down. The consumption of oil in the United States since 1973 is up 87 percent. This year we are importing $45 billion worth of oil from overseas, half of the oil we use. And that's almost exactly the amount that we waste, that we don't have to waste. Notice that this is twice as much oil imported as all the agricultural products that we export. Something must be done.