What the U.S. Ban on Russian Oil Could Mean for U.S. Consumers
On Tuesday, President Biden announced a U.S. ban on Russian oil and gas imports as a measure to target “the main artery of Russia's economy”. The ban also applies to Russian coal, according to the White House briefing.
"We're banning all imports of Russian oil and gas energy. That means Russian oil will no longer be accepted in U.S. ports, and the American people will deal another powerful blow to Putin's war machine," said Biden.
The ban coincides with record-high gas prices, not adjusted for inflation. According to AAA, the national average climbed to $4.25 a gallon today, up 8 cents from yesterday and a 16.3% increase from the week-ago figure. Consumers have not seen gas prices this high since the summer of 2008. Californians are currently facing the largest expense at $5.57 per gallon on average...
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