Gas Prices Rise , Above $4 a Gallon, as U.S. Considers
Sanctioning Russian Oil .
NPR reports that oil prices in the United States
have reached a 14-year high, while gasoline
prices surged to a near national record. .
The surging prices reportedly come as
the U.S. and its allies are considering possible
restrictions on the purchase of oil from Russia. .
The surging prices reportedly come as
the U.S. and its allies are considering possible
restrictions on the purchase of oil from Russia. .
NPR reports that in the time since
the invasion of Ukraine began, Russian oil
has been spared by western sanctions. .
NPR reports that in the time since
the invasion of Ukraine began, Russian oil
has been spared by western sanctions. .
We are now talking to our European partners
and allies to look in a coordinated way at the
prospect of banning the import of Russian oil.
That's a very active discussion as we speak, Antony Blinken, United States Secretary of State, via CNN.
We are now talking to our European partners
and allies to look in a coordinated way at the
prospect of banning the import of Russian oil.
That's a very active discussion as we speak, Antony Blinken, United States Secretary of State, via CNN.
NPR points out that the increased
energy prices come as U.S. consumers
face the highest inflation in decades. .
According to AAA, U.S. gas prices have jumped
45 cents a gallon in the last week, reaching a national average of $4.06. .
Depending on the form sanctions on Russian oil takes, energy prices could climb even higher. .
Russia exports approximately 7% of the world's oil, equalling about seven million barrels daily. .
Analysts predict that sanctions on Russia could see
crude oil prices could climb to $200 per barrel, which
would lead to average gas prices of $5.84 per gallon. .
Analysts predict that sanctions on Russia could see
crude oil prices could climb to $200 per barrel, which
would lead to average gas prices of $5.84 per gallon. .
NPR reports that the invasion has also contributed to rising grain prices, as both Ukraine and Russia are major exporters of wheat and corn. .
While this could add to rising prices in U.S. supermarkets,
a shortage of grain would profoundly impact developing
countries which are dependent on imported food supplies. .
While this could add to rising prices in U.S. supermarkets,
a shortage of grain would profoundly impact developing
countries which are dependent on imported food supplies.