President Joe Biden announced Tuesday that Americans can expect even higher prices at the gas pumps as the U.S. halts all imports of Russian oil.
“We will not be part of subsidizing Putin’s war,” he said. “Defending freedom is going to cost.”
Following his announcement, the price for a barrel of U.S. crude rose more than five percent to $130 as the average price of regular unleaded shot past records at $4.17 per gallon.
The Brent crude, the international standard, climbed 3.4 percent to just over $127 per barrel.
What effect will this have? According to the U.S. Energy Information Administration, the U.S. imported roughly 245 million barrels of crude oil and petroleum from Russia in 2021, only about 8 percent of total imports. The European Union gets 40 percent of its gas from Russia, but leaders are expected to meet later this week to begin phasing out reliance on Russian fuel by 2030.
The U.K. announced Tuesday that it will stop importing Russian oil by the end of this year. A U.S.-only ban is not likely to drastically affect Russia’s economy, but the restrictions will impede cash flow and reduce the price per barrel of Russian oil.
This story originally appeared in WORLD. © 2022, reprinted with permission. All rights reserved.