Commodities

March 8, 2022

U.S. Sanctions Russian Energy, Oil

President Biden announced today that the U.S. would officially ban imports of Russian energy products in another sanction targeting Russia’s invasion of Ukraine. Specifically, the U.S. will ban Russian oil, liquefied gas, and coal. The U.S. imported 8% of its oil from Russia in 2021. 🛢️

President Biden formally announced “We’re banning all imports of Russian oil and gas and energy. That means Russian oil will no longer be acceptable at U.S. ports and the American people will deal another powerful blow to Putin’s war machine.”

The energy crisis sent gas prices soaring to record highs today 📈 📈 — gas prices reached their highest average in U.S. history today, hitting $4.17/gal of unleaded. The previous record, set in July 2008, was $4.10/gal. That figure rose $0.10 on Tuesday. The White House has dubbed this price increase “Putin’s price hike” as it relates to Russian sanctions.

Brent crude surpassed $130/barrel today, gaining 5.6% (some analysts anticipated that oil prices above $120/barrel would prompt 10% inflation or more.) West Texas intermediate jumped 5.3% to $125.65/barrel. 

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