Biden Announces Ban on U.S Imports of Russian Oil

Yesterday, President Joe Biden announced his administration is banning Russian oil, natural gas, and coal imports to the US in response to the Russian invasion of Ukraine. However, don’t expect the gas prices to go down anytime soon. Due to the supply shortage, this could lead to a spike in gas prices at home (even more so than what we have seen.)

President Biden stated: “Today I am announcing the United States is targeting the main artery of Russia’s economy. We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at US ports and the American people will deal another powerful blow to Putin’s war machine…Putin’s war is already hurting American families at the gas pump. Since Putin began his military build-up at Ukrainian borders, just since then, the price of gas at the pump in America went up 75 cents 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.”

Source: CNN