The push to ban Russian oil is gaining steam. Here’s what that means for US energy prices

“I’m all for that. Ban it,” House Speaker Nancy Pelosi said this week.

A bipartisan bill, unveiled this week by Democratic Sen. Joe Manchin of West Virginia and Republican Lisa Murkowski of Alaska, would do just that.

Note that this is very different from the more sweeping step of imposing sanctions on Russian oil, a move that would prevent virtually all nations from using Russian oil.

Strictly banning US imports of Russian oil would most likely not have a dramatic impact on prices at US gas pumps, which surged this week to the highest level in nearly a decade.

That’s for a simple reason: Unlike Europe and Asia, the United States doesn’t really use much Russian oil.

Russia delivered just 90,000 barrels per day of crude oil into the United States in December, according to the most recent US government statistics.

That pales in comparison with oil that the US gets per day from Iraq (223,000), Saudi Arabia (472,000) and Mexico (492,000), let alone the 4.1 million imported from Canada each day.

‘It’s not mission critical’

Put another way, Russia represented less than 2% of all US oil imports in December, according to the US Energy Information Administration.

“It’s not mission critical. Canada, Mexico, Saudi Arabia — those are the big boys,” said Tom Kloza, global head of energy analysis at the Oil Price Information Service. “Russia is a bit player.”

Gas prices surge overnight -- biggest jump since Hurricane Katrina

Some US refineries use unfinished Russian oil, blending it with other barrels to churn out gasoline, jet fuel, diesel and other products. But even by that broader measure, Russia is far from a huge player in the United States.

Russia exported just 405,000 barrels per day of crude oil and petroleum products into the United States in December. That represents less than 5% of total US crude oil and product imports.

A symbolic ban

US refiners can live without that Russian oil, if they have to. (And they may have to, soon enough).

“This buying by refiners is mostly opportunistic in nature and not out of necessity,” said Ryan Fitzmaurice, energy strategist at Rabobank.

That’s not to say there would be no impact at all. Banning Russian oil could create modest headaches for a few refiners and make the energy system overall less efficient as oil flows are rerouted to compensate.

“In short, a US ban on Russian oil imports would be mostly symbolic,” said Fitzmaurice.

Outright sanctions are a different story

Leveling sanctions directly on Russian oil would be a much bigger deal. That would prevent not just the United States, but also countries around the world, from using Russian oil without running afoul of sanctions.

The financial consequences could be massive. World supply was already failing to keep up with demand even before Russia’s invasion of Ukraine. Russia was the No. 2 oil producer on the planet last year, pumping more oil than Canada and Iraq combined.

US allies in Europe are heavily reliant on Russian oil to keep their economies humming.

“Russian oil is not crucial to the US. It’s crucial to Europe,” said Kloza. “I don’t know what Europe is going to do without Russian crude. If you take it away, Europe is really behind the eight ball.”

‘No way to offset’

The West has gone out of its way to avoid penalizing Russian oil directly, but uncertainty over sanctions has already caused a de facto ban on Russian oil. Many refiners, traders, shippers and banks don’t want to get anywhere near the stuff.
JPMorgan estimates more than 4 million barrels per day of Russian oil has been effectively sidelined, sending oil and gasoline prices skyrocketing.

The problem is that Russia is such a big player on the world stage that it would be difficult to replace all that oil in the short term.

A potential nuclear deal with Iran, which looks increasingly likely, would help. But even that would add only about 1 million barrels per day of oil onto a market that needs much more than that.

Russia-Ukraine crisis replaces Covid as top risk to global supply chains, Moody's says

OPEC+, a group that includes Russia itself, is not coming to the rescue. The Saudi Arabia-led group has refused to open its spigots for months.

US oil companies are producing more oil, but only at a modest pace as they focus on returning cash to shareholders and deal with their own financial pressures.

“There’s no way to offset the loss of all of Russia’s exports without noticing it at the gas pump,” said Jason Bordoff, the founding director of Columbia University’s Center on Global Energy Policy. “That may be the price we’re willing to pay to tell Russia its actions are unacceptable.”

The shipping crisis is getting worse. Here’s what that means for holiday shopping

“The pressures on global supply chains have not eased, and we do not expect them to any time soon,” said Bob Biesterfeld, the CEO of C.H. Robinson, one of the world’s largest logistics firms.

The partial closure of the world’s third busiest container port is disrupting other ports in China, stretching supply chains that were already suffering from recent problems at Yantian port, ongoing container shortages, coronavirus-related factory shutdowns in Vietnam and the lingering effects of the Suez Canal blockage in March.

Shipping companies expect the global crunch to continue. That’s massively increasing the cost of moving cargo and could add to the upward pressure on consumer prices.

“We currently expect the market situation only to ease in the first quarter of 2022 at the earliest,” Hapag-Lloyd chief executive Rolf Habben Jansen said in a recent statement.

The cost of shipping goods from China to North America and Europe has continued to climb over the past few months, following a spike earlier in the year, according to data from London-based Drewry Shipping.

The company’s World Container Index shows that the composite cost of shipping a 40-foot container on eight major East-West routes hit $9,613 in the week to August 19, up 360% from a year ago.

The biggest price jump was along the route from Shanghai to Rotterdam in the Netherlands, with the cost of a 40-foot container soaring 659% to $13,698. Container shipping prices on routes from Shanghai to Los Angeles and New York have also jumped.

“The current historically high freight rates are caused by the fact that there is unmet demand,” Soren Skou, CEO of container shipping giant Maersk, said on an earnings call this month. “There’s simply not enough capacity,” he added.

Port congestion

The terminal shutdown in Ningbo will add to bottlenecks arising from the closure in June of Yantian, a port about 50 miles north of Hong Kong, after coronavirus infections were detected among dock workers.

While a partial reopening of Yantian took only a few days, a return to normal services took nearly a month to achieve, according to S&P Global Market Intelligence Panjiva, as the congestion spilled over to other ports.

That spells trouble for retailers and consumer goods companies trying to restock inventories heading into the crucial year-end holiday shopping season. “The closure at Ningbo is now particularly sensitive as it may hold up exports for the peak season of deliveries into the US and Europe which typically arrive from September through November,” S&P Global Panjiva said in a research note on August 12.

Drewry Shipping said Friday that congestion at nearby ports Shanghai and Hong Kong is “spiking” and spreading elsewhere in Asia, as well as in Europe and North America, “particularly the West coast” of the United States.

Some 36 container ships are anchored off the adjacent ports of Los Angeles and Long Beach, according to a report Thursday from the Marine Exchange of Southern California.

That’s the highest number since February, when 40 container ships were waiting to enter. Ordinarily, there would be just one or zero container ships at anchor, according to the Marine Exchange.

The congestion in California is starting to spread to “pretty much every port in the [United States],” according to Biesterfeld of C.H. Robinson. “The chances of your vessel arriving on time are about 40%, when it was 80% this time last year,” he told CNN Business.

Container ships sit in the Pacific Ocean outside the Port of Long Beach, California on August 11, 2021.
The backlog at ports will have a ripple effect on jammed warehouses and stretched road and rail capacity. Logistics networks have been running at maximum capacity for months, thanks to stimulus-fueled demand led by US consumers and a pickup in manufacturing. Truck driver shortages in the United States and United Kingdom have only exacerbated supply disruptions.

US imports in March and May exceeded levels seen in October 2020, typically the peak of the shipping season, said Eric Oak, supply chain research analyst at S&P Global Panjiva.

“This means that logistics facilities have been running flat out for most of the summer,” he added.

It’s not just ports that are under pressure. Air terminals are receiving increasingly large amounts of freight as companies turn to alternative methods to transport their goods. At some of the larger US airports such as Chicago, there are delays of up to two weeks to claim cargo, according to Biesterfeld.

Efforts to contain Covid-19 outbreaks have recently disrupted traffic at Shanghai Pudong and Nanjing airports in China.

Retailers brace for impact

“Name almost anything and it seems like there’s a shortage of it somewhere,” Biesterfeld added. “Retailers are struggling to replenish inventory as fast as they’re selling, let alone prepare for holiday demand.”

Supply chains were discussed on nearly two thirds of some 7,000 company earnings calls globally in July, up from 59% in the same month last year, according to an analysis by S&P Global Panjiva.

Consumer goods producers are taking drastic steps to meet demand — such as changing where products are made and moving them by plane instead of boat — but companies such as shoemaker Steve Madden (SHOO) say they’re already missing out on sales because they simply don’t have enough goods.

The company has moved half the production of its women’s range to Mexico and Brazil from China in an attempt to shorten delivery times.

Retailers plead with Biden to fix port congestion that has upended supply chains

“In terms of the supply chain … we could talk about this all day. There are challenges throughout the globe,” CEO Edward Rosenfeld said on an earnings call last month. “There is port congestion, both in the US and China. There are Covid outbreaks at factories. There are challenges getting containers. We could go on and on.”

It’s one of several major apparel brands hit by factory shutdowns in Vietnam over the past month. Data from S&P Global Panjiva shows that nearly 40% of the volume of goods imported into the United States by sea over the 12 months to July came from the Southeast Asian country.

Adidas CEO Kasper Rorsted said the sportswear company will be unable to fully meet the “strong demand” for its products in the second half of the year due to the shutdowns, despite switching production to other regions.

Supply chain difficulties have been “leading [to] significant delays and additional logistics costs, particularly as we have been making more use of airfreight,” he said on a recent earnings call.

Andrew Rees, the CEO of Crocs, said that transit times from Asia to most of the company’s leading markets are approximately double what they were historically. “That’s been the case for some time, and we’re expecting [to] live with that,” he told investors last month.

A huge backlog at China's ports could spoil your holiday shopping this year

To ensure product availability during the holiday season, Hasbro, which makes Monopoly and My Little Pony, said it is increasing the number of ocean carriers it works with, utilizing more ports to expedite deliveries and sourcing more products earlier from multiple countries.

For consumers, the supply chain crunch is likely to mean higher prices. Hasbro, for example, is increasing prices to offset rising freight and commodities costs. The company is projecting that its ocean freight expenses will be on average 4 four times higher this year than last, according to chief financial officer Deborah Thomas.

Shoppers should also brace for longer than normal delivery times and may need to have several different gift ideas up their sleeves.

“As we’ve been forecasting for months, shoppers are going to see some bare shelves at the holidays,” said Biesterfeld. “And if you buy most of your presents online, get it done early. Delivery time may be four to six weeks.”

Education Definition & That Means

I imagine that educating and empowering younger individuals everywhere, to turn out to be efficient and productive members of society, is crucial for sustainable progress and development. Facilitate the return of scholars to school when they reopen to avoid an upsurge in dropout rates. 369 million children who rely on college meals wanted to look to other sources for every day vitamin. VIEW enacted and vetoed bills on a broad variety of education topics for the 2017 via 2021 legislative classes. Explore the place the World Bank supports international locations on both the financing and knowledge fronts.

  • At the start of every school 12 months there might be optimism about what lies forward.
  • Other analysis suggests that the type of faculty someone attends has no impact on their later life satisfaction; as a substitute, having supportive professors or collaborating in meaningful actions during college best predicts someone’s future well-being.
  • Our Resource Library offers high-quality, standards-based, academic resources and activities.

ASEE promotes range by modeling equity and inclusion via its policies and practices and advocates for equal access to engineering instructional alternatives for all. Now more than ever we need your assist to make sure we give one of the best education to students throughout our state.

Florida’s Governor Says College Leaders Could Have Salary Withheld In The Occasion That They Require Masks

Its members include over 750 accredited baccalaureate and master’s degree social work programs, as nicely as particular person social work educators, practitioners, and agencies devoted to advancing quality social work education. CSWE’s Commission on Accreditation is acknowledged by the Council for Higher Education Accreditation as the sole accrediting agency for social work education in the United States and its territories. Teachers and leaders can find steerage and assets on certification processes, skilled development, and ways to assist instruction of all students to be school and career prepared. Children and young adults at present are considerably more prone to expertise psychological health problems—especially anxiousness and depression—than in many years previous, and a lot of will require psychological well being interventions in school. For students without diagnosable psychological diseases, schools can still be supportive by ensuring workloads are cheap; providing opportunities for motion, creativity, and social connection; and reminding kids, teenagers, and younger adults that it is OK to ask for assist.

Indigenous governments are reluctant to take on the continuing costs involved. There can additionally be economic pressure from some mother and father, preferring their children to earn money in the quick term quite than work in path of the long-term advantages of education. The faculty surroundings – each bodily and psychological – is also guided by faculty insurance policies that ought to ensure the well-being of students when they’re at school. The Organisation for Economic Co-operation and Development has found that colleges tend to perform best when principals have full authority and duty for ensuring that students are proficient in core subjects upon graduation. They must additionally search feedback from college students for quality-assurance and improvement. While thought-about “different” at present, most alternative techniques have existed since historical occasions. After the public college system was widely developed beginning in the 19th century, some mother and father found reasons to be discontented with the new system.

Veteran Readiness And Employment Vr&e

Alternative education developed in part as a response to perceived limitations and failings of conventional education. A broad vary of educational approaches emerged, including different schools, self learning, homeschooling, and unschooling. Example alternative faculties include Montessori schools, Waldorf faculties , Friends colleges, Sands School, Summerhill School, Walden’s Path, The Peepal Grove School, Sudbury Valley School, Krishnamurti schools Education & Science, and open classroom faculties. Programs at ISCED stage three, or upper secondary education, are typically designed to complete the secondary education course of. They lead to abilities relevant to employment and the ability necessary to interact in tertiary courses.


Schools that provide primary education, are principally referred to as major schools or elementary faculties. Primary faculties are sometimes subdivided into infant faculties and junior schools. Education designed to assist Science early improvement in preparation for participation in class and society. Preschools present education from ages approximately three to seven, depending on the country when youngsters enter main education.

Mother Or Father Resources+

Educational psychology is the research of how humans learn in academic settings, the effectiveness of instructional interventions, the psychology of instructing, and the social psychology of colleges as organizations. The phrases “academic psychology” and “school psychology” are sometimes used interchangeably. Educational psychology is concerned with the processes of instructional attainment in the general inhabitants and in sub-populations similar to gifted children and people with specific disabilities. Universal Primary Education was one of the eight international Millennium Development Goals, in the course of which progress has been made in the past decade, though limitations nonetheless remain.

What is an example of education?

In 2020, the top three educational systems in the world were Finland, Denmark, and South Korea. supplies a comprehensive repository of resources and data to make choosing secure, quality youngster care easier for parents. ChildCareVA additionally exists to tell Education caretakers about the advantages of becoming a licensed child care supplier or subsidy supplier, and keep present providers up-to- date on the most recent news and requirements.