Fuels

Biden Bans Oil Imports From Russia

GasBuddy predicts ‘the yearly national average to rise to its highest ever recorded’
Photograph: Shutterstock

WASHINGTON — President Joe Biden announced March 8 he will sign an executive order to ban the import of oil, liquefied natural gas and coal from Russia to the United States in an effort to “further deprive President Putin of the economic resources he uses to continue his needless war of choice,” the White House said.

In a speech to the country, Biden made no effort to disguise the fact the ban will mean even higher gasoline prices at the fuel pump.

Defending freedom is going to cost” the American people, he said.

Since Russia began attacking Ukraine in late February, gasoline prices in the U.S. have jumped substantially. Drivers are now paying the highest prices ever for gasoline, with the national average reaching an all-time record of $4.17 per gallon, according to AAA. The previous all-time high for U.S. gas prices was $4.10 in July 2008, according to Bloomberg. 

Drivers in California are facing the highest costs, CBS News reported, with the average price per gallon at $5.44. In Mono County in California, the typical cost of gas has jumped above $6, with the average price at the pump now at $6.02, AAA said, according to CBS News. 

“The high prices are likely to stick around for not days or weeks, like they did in 2008, but months,” said Patrick De Haan, head of petroleum analysis at GasBuddy, Boston. “GasBuddy now expects the yearly national average to rise to its highest ever recorded.” 

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