Today, President Biden will sign an Executive Order to ban the import of Russian oil, liquefied natural gas, and coal to the United States \u2013 a significant action with widespread bipartisan support that will further deprive President Putin of the economic resources he uses to continue his needless war.<\/p>\n\n\n\n
The impact on Russia would likely be minimal. The United States imports a small share of Russia’s oil exports and doesn’t buy any natural gas. Last year, roughly 7% of U.S. oil and petroleum products imports came from Russia. Together, the imports totaled the equivalent of 245 million barrels in 2021, which was roughly 672,000 barrels of oil and petroleum products a day. But imports of Russian oil have declined rapidly as buyers shunned the fuel.<\/p>\n\n\n\n
In the U.S., The price of gasoline had already hit a record high of $4.17 for a gallon of unleaded on Tuesday. That breaks the previous high of $4.10 a gallon, set in July 2008.<\/p>\n\n\n\n
If Russia were eventually shut off from the global market, rogue countries such as Iran and Venezuela might be “welcomed back” as sources of oil, said Claudio Galimberti, an analyst at Rystad Energy. Such additional sources could, in turn, potentially stabilize prices.<\/p>\n\n\n\n
Senior U.S. officials secretly traveled to Venezuela over the weekend in a bid to unfreeze hostile relations with Vladimir Putin’s top ally in Latin America, a leading oil exporter whose re-entry into U.S. energy markets could mitigate the fallout at the pump from a possible oil embargo on Russia.<\/p>\n\n\n\n
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