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Russia, the third largest oil producer in the world, can no longer export oil to the U.S. President Biden announced a ban on all imports of Russian oil & gas. This move was done at a time when Americans were already facing the highest gas prices since 2008. The national gas price averaged more than $4 per gallon with prices over $6 being experienced in some parts of California.
"Putin's war is already hurting American families at the gas pump since Putin began his military buildup on Ukrainian borders," said President Biden. "And with this action, it's going to go up further. I'm going to do everything I can to minimize Putin's price hike here at home and coordination with our partners."
The U.S. was importing more than half a million barrels of oil per day from Russia. It remains to be seen whether the administration till seek alternative overseas supplies or will reverse course on actions which have lowered home-grown production. The wisdom of shutting down the Keystone pipeline from Canada is now under fierce debate.