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World

9 Mar 2022

U.S. Bans Russian Oil Imports, Cautions against Potential Gasoline Price Hikes

The Index Today

U.S. President Joe Biden made an important announcement on Tuesday barring all imports of oil and other energies from Russia in response to the country’s invasion of Ukraine.

Biden told the press, "We're banning all imports of Russian oil and gas energy. That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to [Russian President] Putin's war machine."

Oil prices climbed with the Benchmark Brent crude LCOc1 for May rising by 5.4% to $129.91 per barrel by 1345 GMT. As per Reuters, the American Automobile Association revealed an upsurge in gasoline prices with the retail gallon costing $4.173 early on Tuesday.

However, President Biden is also keen on adopting measures to diminish the resulting crunch felt in the U.S. with the ban on Russian oil, including issuing a warning for American companies from taking advantage of the situation. “It is not time for profiteering," he said.

©Photo: Andrew Harnik/Associated Press

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