U.S. Gas Prices Hit All-Time High as Biden Bans Russian Oil

“We’re banning all imports of Russian oil and gas and energy," President Biden said, aiming for "another powerful blow to Putin’s war machine.”

Getty photo of gas pumping
Getty

Image via Getty/Sandro Di Carlo Darsa/PhotoAlto

Getty photo of gas pumping

Gas prices in the United States have hit a new all-time high of $4.17 a gallon, with President Joe Biden confirming Tuesday that America is banning Russian oil over the country’s military invasion of Ukraine.

CNN reports that gas prices in the States have hit a national average of $4.17 a gallon, breaking the previous record of $4.11/gallon in July 2008. Prices have been rapidly rising since Russia began its invasion of Ukraine, breaking the $4 mark on Sunday and rising further on Monday. That price is an increase of 55 cents over the last week, and 63 cents since Russia started its military operation on Feb. 24.

“Today I’m announcing the United States is targeting the main artery of Russia’s economy,” Biden said on Tuesday. “We’re banning all imports of Russian oil and gas and energy. … The American people will deal another powerful blow to Putin’s war machine.”

As it stands, Oklahoma has the lowest gas prices at an average of $3.72 a gallon, while California has the highest at $5.44 a gallon.

A number of Republicans and a few Democrats in the House and the Senate backed the idea of banning Russian crude oil to put further pressure on Russia’s President Vladimir Putin, the Associated Press reports. House Speaker Nancy Pelosi is one of the Democrats to voice her support for the move. On Sunday, Secretary of State Antony Blinken said the U.S. and certain allies had begun talks regarding a ban “while making sure that there is still an appropriate supply of oil” in the world.

Russia is one of the biggest exporters of oil in the world, and although most of it goes to Europe and Asia, the price of oil is dictated by global markets. Just 2 percent of oil imported to the U.S. in December was from Russia. Other sanctions placed on the country so far have targeted the banking sector.

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