With Russia's invasion of Ukraine extending into its second week, U.S. policymakers are pursuing a range of options for punishing Russia while tamping down energy prices that have soared in the wake of the crisis.

During a background call March 4, a senior U.S. Department of Energy official said the Biden administration is having conversations with oil-producing countries on raising supply and reiterated that U.S. financial sanctions on Russia have so far excluded the energy sector in order to keep costs down for consumers.

"The overarching principle ... is to maximize costs on target, that is [Russian President Vladimir] Putin and those around him in Russia, while minimizing costs on the United States and our allies," the DOE official said. "We do not have a strategic interest in reducing the global supply of energy."

In addition, increased LNG exports from the U.S. will help ease natural gas prices abroad, the DOE official said. But he stressed that boosting U.S. oil output is a "private sector decision" and that he hoped over $100 per barrel oil prices would encourage U.S. producers to increase supply.

The comments came after the DOE on March 1 announced it would release 30 million barrels of crude oil from the Strategic Petroleum Reserve. The decision was part of a coordinated effort by International Energy Agency member countries to release a combined 60 million barrels to address market and supply disruptions stemming from Russia's actions in Ukraine.

Along with those efforts, Congress has taken steps in the past week to protect the grid from potential Russian cyberattacks. On March 1, the U.S. Senate passed the Strengthening American Cybersecurity Act of 2022. The bill, introduced by Sen. Mark Warner, D-Va., would require critical infrastructure operators and owners to quickly report cyber intrusions to the federal government.

The legislation now heads to the U.S. House of Representatives for consideration.

Support builds for import ban

Despite surging energy prices, pressure has grown from U.S. lawmakers to ban imports of Russian energy products. On March 3, a bipartisan group of lawmakers including Senate Energy and Natural Resources Committee Chairman Joe Manchin, D-W.Va., introduced a bill to embargo all Russian energy imports including crude oil, petroleum, petroleum products, LNG and coal. A companion bill was also introduced in the House.

The legislation follows a bill introduced March 1 by Sen. Edward Markey, D-Mass., that would prohibit all imports of Russian crude and refined products into the U.S., subject to a presidential national security waiver.

However, the Biden administration has struck a more cautious tone.

"We are now talking to our European partners and allies to look in a coordinated way at the prospect of banning the import of Russian oil while making sure that there is still an appropriate supply of oil on world markets," U.S. Secretary of State Antony Blinken said during a March 6 interview with CNN. "That's a very active discussion as we speak."

House panel to look at electric vehicles

A handful of energy-related hearings are on tap in the coming days.

The Senate energy committee will vote March 8 on whether to advance several DOE nominees, including Maria Robinson, whom President Joe Biden tapped to lead the department's Office of Electricity.

On the same day, the House Energy and Commerce Committee's energy subcommittee will hold a hearing on deploying electric vehicles and EV infrastructure. Witnesses will include Bob Holycross, Ford Motor Co.'s vice president for sustainability, environment and safety engineering, and Cassandra Powers, who is senior managing director for the National Association of State Energy Officials.

CERAWeek to look at Ukraine crisis

Energy industry leaders are gathering in Houston this week for the annual CERAWeek conference.

Speakers will include the heads of major energy companies such as Chevron Corp. and Exxon Mobil Corp., and government officials such as Energy Secretary Jennifer Granholm, Manchin and other lawmakers.

Recently, conference organizers added new sessions to discuss the Ukraine crisis, including panels on the related energy market upheaval, sanctions against Russia and energy security in Europe.

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US utilities await new push on clean energy credits despite mounting challenges

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