FOX Business Flash top headlines for March 9
Here are your FOX Business Flash top headlines for March 9.
President Biden should look to U.S. oil and natural gas producers to increase production rather than asking Iran and Venezuela, Sen. Steve Daines, R-Mont. told FOX Business.
The Biden administration announced on Tuesday that it is banning imports of Russian oil, gas and energy amid the country's decision to invade Ukraine, which sparked a war that has killed at least 516 people and injured another 908, according to figures posted by the United Nations on Wednesday.
Amid the decision to ban Russian oil imports, U.S. officials are making efforts to replace some of that supply with oil from Iran and Venezuela.
RUSSIA INVADES UKRAINE: LIVE UPDATES Sen. Steve Daines (R-MT) questions U.S. Federal Reserve Chair Jerome Powell as he testifies at a Senate Banking, Housing, and Urban Affairs Committee hearing on the Fed’s “Semiannual Monetary Policy Report to the Congress,” on Capitol Hill on March 3 (Photo by Tom Williams-Pool/Getty Images / Getty Images)
"Biden announced he's banning Russian oil, that's great. But we must increase American energy production to go with it, not looking to Iran or Venezuela. It's ironic that the president's reaching out to the administration in Venezuela, a dictator to the Iranians, when he could be reaching out to U.S. oil and natural gas producers," Daines said.
He said that President Biden should gather U.S. oil and natural gas producers for an "emergency summit meeting" in Washington, D.C. to answer a key problem that the country is facing.
"Why doesn't he bring them all back to Washington and have an emergency summit meeting here in Washington and ask them, ‘how do we increase U.S. oil and natural gas production,’" Daines said.
Daines said the challenges that the United States is facing on energy production are not going away anytime soon and a solution is needed, adding that the United States and the world are still 10 to 20 years away from peak oil consumption.
BIDEN ANNOUNCES BAN ON US IMPORTS OF RUSSIAN OIL, WARNS GAS PRICES WILL 'GO UP FURTHER' President Joe Biden delivers remarks about Russia’s “unprovoked and unjustified” military invasion of neighboring Ukraine in the East Room of the White House. (Drew Angerer/Getty Images / Getty Images)
GasBuddy announced on Monday that the average price of gasoline has hit an all-time record of $4.104 per gallon, beating the old record of $4.103 per gallon set in 2008. The head of petroleum analysis at GasBuddy
said that the price increases are partially due to the sanctions placed on Russia and added that gas prices are expected to rise more.
In making the Tuesday announcement, Biden said that the move would likely cause Americans to feel more price increases at the pump.
"This is a very important moment now to course correct and stop this anti-made in American energy policies that this administration has put in place," Daines said.
Daines added that the United States can produce oil in a much safer and more environmentally-friendly way due to the regulations placed on natural gas production.
GET FOX BUSINESS ON THE GO BY CLICKING HERE Gas prices, all over the $5 per gallon mark, are displayed at a gas station in Rancho Cordova, Calif., Monday, March 7, 2022. (AP Photo/Rich Pedroncelli / AP Newsroom)
"If the U.S. has the most stringent environmental regulations to ensure that we produce oil and natural gas is done in an environmentally friendly way, from an environmental stewardship viewpoint, the world is better off if the U.S. leads in oil and natural gas and coal production because we do it the right way," Daines said.
Daines also blasted Biden's decision to take away the Keystone XL pipeline permit, stating that it would have been a carbon efficient way to transport the liquid versus rail or truck transportation.
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