On Tuesday, President Biden announced that the U.S. is prohibiting all imports of Russian oil, natural gas, and coal. This comes as Russia has invaded Ukraine.
“We will not be part of subsidizing Putin’s war. The American people will deal another powerful blow to Putin’s war machine,” Biden stated.
He added that he will be working vigorously to keep down gas prices that Putin has raised.
“This crisis is a stark reminder that to protect our economy over the long-term, we need to become energy independent. It should motivate us to accelerate a transition to clean energy,” Biden added.
Russia is the world’s third-largest producer of oil. It’s unclear how much the ban will have an affect on customers at the gas pump. Just talks about the ban contributed to a 14-year high in oil prices this past weekend.
On Tuesday, the average regular U.S. gasoline price hit a record of $4.173 per gallon.
Now, the U.S. is searching for other global oil supplies to help with the increase to gas prices. This includes planning discussions with leaders in Saudi Arabia and Venezuela.
Additionally, the U.S. is planning to make a nuclear deal with Iran in the next few days, possibly giving Tehran the power to increase its oil exports.
