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This fact brief was originally published as an experiment to test the concepts behind fact briefs.
Readers should be aware that while there is still a lot of useful information in fact briefs like this one, not all of them reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date, don't hesitate to contact us at support@gigafact.org.
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FACT BRIEF

Are President Biden's energy policies responsible for Russia's increased oil and gas revenues?

By Austin Tannenbaum
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NO

Russia's increased oil and gas revenue in 2021 is primarily the result of pandemic-related factors rather than President Biden's energy policies.

In 2020, global energy demand dropped due to business closures and restrictions on mobility enacted in response to COVID-19, driving down prices. Russia's oil and gas revenues subsequently took a hit.

In 2021, global energy demand recovered as lockdown measures were lifted and the economy reopened, driving up prices. Russia's oil and gas revenues rebounded in tandem.

President Biden's shutting down of the Keystone XL pipeline did not affect energy prices in the short-term as it was non-operational, being only 8% complete when construction was stopped. However, because it could have boosted supplies in coming years, its cancellation could theoretically impact price trends in the years to come.

This fact brief is responsive to conversations such as this one.
Sources
Reuters Russia's oil and gas revenue windfall
Bank of Russia External Sector Statistics
Statista Export value of crude oil from Russia from 2000 to 2021
Statista Export value of natural gas from Russia from 2000 to 2021
US Energy Information Administration Crude oil prices increased in 2021 as global crude oil demand outpaced supply
USA Today Fact check: Rising gas prices due to high demand and low supply, not Biden's policies
Reuters Though Keystone XL Pipeline had secured most of its funding, it was only 8% constructed
PhysOrg How the pandemic is harming the oil and gas industry
ABOUT THE CONTRIBUTOR
Gigafact
Between 2020 and 2022, under close editorial supervision, Gigafact contracted a group of freelance writers and editors to test the concepts for fact briefs and provide inputs to our software development process. We call this effort Gigafact Foundry. Over the course of these two years, Gigafact Foundry writers published over 1500 fact briefs in response to claims they found online. Their important work forms the basis of Gigafact formats and editorial guidelines, and is available to the public on Gigafact.org. Readers should be aware that while there is still a lot of relevant information to be found, not all fact briefs produced by Gigafact Foundry reflect Gigafact's current methods and standards for fact briefs. If you come across any that you feel are out of date and need to be looked at with fresh eyes, don't hesitate to contact us at support@gigafact.org.
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About fact briefs published on Gigafact
Fact briefs are short, credibly sourced summaries that offer “yes/no” answers in response to claims found online. They rely on publicly available, often primary source data and documents. Fact briefs are created by contributors to Gigafact —a nonprofit project looking to expand participation in fact-checking and protect the democratic process. See all fact briefs here.